Cortexyme Announces Closing of $125 Million Private Placement
February 10 2020 - 04:05PM
Business Wire
Cortexyme, Inc. (Nasdaq: CRTX), a clinical stage
biopharmaceutical company pioneering a novel disease-modifying
therapeutic approach to treat Alzheimer’s and other degenerative
diseases, today announced that it has closed its private placement
offering. The Company issued 2,500,000 shares of common stock for a
purchase price of $50.00 per share, resulting in gross proceeds to
the Company of $125 million, before deducting placement agent fees
and other offering expenses. The Company intends to use the net
proceeds from the private placement primarily to advance clinical
development, as well as for general corporate purposes.
BofA Securities and Jefferies served as placement agents for the
private placement and Canaccord Genuity LLC, JMP Group LLC and
LifeSci Capital LLC served as financial advisors.
The common stock sold in the private placement has not been
registered under the Securities Act of 1933, as amended, or any
state or other applicable jurisdiction’s securities laws, and may
not be offered or sold in the United States absent registration or
an applicable exemption from such registration requirements. The
Company has agreed to file a registration statement with the
Securities and Exchange Commission registering the resale of the
shares of common stock issued in the private placement.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy the common stock, nor shall there
be any sale of the common stock in any state in which such offer or
sale would be unlawful prior to the registration or qualification
under the securities laws of such state. Any offering of the common
stock under the resale registration statement will only be by means
of a prospectus.
About Cortexyme, Inc.
Cortexyme (Nasdaq: CRTX) is a clinical stage biopharmaceutical
company pioneering a novel disease-modifying therapeutic approach
to treat a key underlying cause of Alzheimer’s disease and other
degenerative diseases. Cortexyme is targeting a specific,
infectious pathogen found in the brain of Alzheimer’s patients and
tied to neurodegeneration and neuroinflammation in animal models.
The company’s lead investigational medicine, COR388, is the subject
of the GAIN trial, an ongoing Phase 2/3 clinical study in patients
with mild to moderate Alzheimer’s disease. More information about
the trial can be found at www.GAINtrial.com.
Forward-Looking Statements
Statements in this press release contain “forward-looking
statements” that are subject to substantial risks and
uncertainties. Forward-looking statements contained in this press
release may be identified by the use of words such as “anticipate,”
“expect,” “believe,” “will,” “may,” “should,” “estimate,”
“project,” “outlook,” “forecast” or other similar words and
include, without limitation, statements regarding use of proceeds
and Cortexyme’s plans and strategies for its business.
Forward-looking statements are based on Cortexyme’s current
expectations and are subject to inherent uncertainties, risks and
assumptions that are difficult to predict. Further, certain
forward-looking statements are based on assumptions as to future
events that may not prove to be accurate. Factors that could cause
actual results to differ include, but are not limited to, the risks
and uncertainties relating to clinical trials, changes in
regulatory requirements or decisions of regulatory authorities, as
well as other risks and uncertainties that are described in the
section titled “Risk Factors” in the final prospectus related to
Cortexyme’s initial public offering filed with the Securities and
Exchange Commission on May 9, 2019. Forward-looking statements
contained in this press release are made as of this date and were
based on current expectations, estimates, forecasts and projections
as well as the beliefs and assumptions of management. Cortexyme
undertakes no duty to update such forward-looking statements except
as required under applicable law.
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version on businesswire.com: https://www.businesswire.com/news/home/20200210005752/en/
Media: Hal Mackins For Cortexyme, Inc.
hal@torchcomllc.com (415) 994-0040
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