Corbus Pharmaceuticals Announces Closing of $46 Million Public Offering of Common Stock including Full Exercise of Underwrite...
February 11 2020 - 4:01PM
Corbus Pharmaceuticals Holdings, Inc. (Nasdaq: CRBP) (“Corbus” or
the “Company”), a clinical-stage drug development company
pioneering transformative medicines that target the endocannabinoid
system, today announced the closing of its public offering of
7,666,667 shares of its common stock, including 1,000,000 shares
sold pursuant to the full exercise of the underwriters’ option to
purchase additional shares.
All of the common stock was sold at a public
offering price of $6.00 per share for a total public offering size
of approximately $46 million, before deducting underwriting
discounts and offering expenses.
Jefferies and RBC Capital Markets acted as joint
book-running managers for the offering. Oppenheimer & Co. acted
as lead manager. Nomura and H.C. Wainwright & Co. acted as
co-managers for the offering.
The securities described above were offered by
Corbus pursuant to a registration statement (File No. 333-222447)
previously filed with and declared effective by the Securities and
Exchange Commission (the "SEC"). A prospectus supplement and
accompanying prospectus relating to the offering were filed with
the SEC and are available for free on the SEC's website at
www.sec.gov. Copies of the prospectus supplement and accompanying
prospectus relating to the offering may be obtained by sending a
request to Jefferies LLC, Attention: Equity Syndicate Prospectus
Department, 520 Madison Avenue, 2nd Floor, New York, New York
10022, by telephone at (877) 821-7388, or by email at
Prospectus_Department@Jefferies.com; or from RBC Capital Markets,
LLC, Attention: Prospectus Department, 200 Vesey Street, 8th Floor,
New York, NY 10281, or by telephone at (877) 822-4089, or by email
at equityprospectus@rbccm.com.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy any of the
securities described herein, nor shall there be any sale of these
securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction.
About Corbus
Corbus Pharmaceuticals Holdings, Inc. is a Phase
3 clinical-stage pharmaceutical company focused on the development
and commercialization of novel therapeutics to treat inflammatory
and fibrotic diseases by leveraging its pipeline of rationally
designed, endocannabinoid system-targeting drug candidates. The
Company's lead product candidate, lenabasum, is a novel, oral,
selective cannabinoid receptor type 2 (CB2) agonist rationally
designed to resolve chronic inflammation and fibrotic processes.
Lenabasum is currently being evaluated in systemic sclerosis,
cystic fibrosis, dermatomyositis, and systemic lupus
erythematosus.
Corbus is also developing a pipeline of drug
candidates targeting the endocannabinoid system. The pipeline
includes CRB-4001, a 2nd generation, selective cannabinoid receptor
type 1 (CB1) inverse agonist designed to be peripherally
restricted. Potential indications for CRB-4001 include nonalcoholic
steatohepatitis (NASH), among others. Corbus expects data from a
CRB-4001 Phase 1 safety study in 2020.
Forward-Looking Statements
Statements in this press release that are not
statements of historical fact are forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Words such as “believe,” “anticipate,” “plan,” “expect,”
“intend,” “may,” “goal,” “potential” and similar expressions are
intended to identify forward-looking statements, though not all
forward-looking statements necessarily contain these identifying
words. Among the factors that could cause actual results to differ
materially from those indicated in the forward-looking statements
are risks and uncertainties associated with market conditions as
well as risks and uncertainties associated with Corbus’ business
and finances in general, including the risks and uncertainties in
the section captioned “Risk Factors” in the prospectus supplement
related to the public offering that was filed with the SEC and the
Company’s most recently filed Annual Report on Form 10-K and
subsequently filed Quarterly Reports on Form 10-Q. You are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this press release.
All forward-looking statements are qualified in their entirety by
this cautionary statement, and Corbus undertakes no obligation to
revise or update any forward-looking statements to reflect events
or circumstances after the date of this press release.
Corbus Pharmaceuticals Contacts:
Ted Jenkins, Senior Director, Investor Relations
and Corporate CommunicationsPhone: +1 (617)
415-7745Email: ir@corbuspharma.com
Lindsey Smith, Associate Director, Investor
Relations and Corporate CommunicationsPhone: +1 (617)
415-7749Email: mediainfo@corbuspharma.com
Christina TartagliaStern Investor
Relations Phone: +1
(212) 362-1200 Email: christina.tartaglia@sternir.com
Source: Corbus Pharmaceuticals Holdings,
Inc.
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