Hepion Pharmaceuticals Announces Pricing of Public Offering
February 16 2021 - 6:45AM
Hepion Pharmaceuticals, Inc. (NASDAQ:HEPA), a clinical stage
biopharmaceutical company focused on the development of therapeutic
drugs for the treatment of liver disease arising from non-alcoholic
steatohepatitis ("NASH"), today announced the pricing of its
underwritten public offering of 44,200,000 shares of its common
stock at a public offering price of $2.00 per share, for gross
proceeds of $88.4 million before deducting underwriting discounts,
commissions and other offering expenses. All of the shares of
common stock are being offered by the Company.
ThinkEquity, a division of Fordham Financial
Management, Inc., is acting as sole book-running manager for the
offering.
The offering is expected to close on February
18, 2021, subject to satisfaction of customary closing
conditions.
Hepion intends to use the net proceeds from the
offering to fund research and development activities, as well as
for working capital and other general corporate purposes.
A shelf registration statement on Form S-3 (File
No. 333-229534), including a base prospectus, was filed with the
U.S. Securities and Exchange Commission (the “SEC”) on February 6,
2019 and declared effective on February 19, 2019. The offering is
being made only by means of a written prospectus and prospectus
supplement. A preliminary prospectus supplement and accompanying
prospectus describing the terms of the proposed offering have been
filed with the SEC and are available on the SEC’s website at
www.sec.gov. A final prospectus supplement and accompanying
prospectus related to the offering will be filed with the SEC and
made available on the SEC’s website. Copies of the final prospectus
supplement and the accompanying prospectus relating to the offering
may also be obtained, when available, from the offices of
ThinkEquity, a division of Fordham Financial Management, Inc., 17
State Street, 22nd Floor, New York, New York 10004, by telephone at
(877) 436-3673 or by email at prospectus@think-equity.com.
This press release shall not constitute an offer
to sell or a solicitation of an offer to buy these securities, nor
shall there be any sale of these securities in any state or
jurisdiction in which such an offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About Hepion Pharmaceuticals
The Company's lead drug candidate, CRV431, is a
potent inhibitor of cyclophilins, which are involved in many
disease processes. CRV431 is currently in clinical-phase
development for the treatment of NASH, with the potential to
play an important role in the overall treatment of liver disease -
from triggering events through to end-stage disease. CRV431 has
been shown to reduce liver fibrosis and hepatocellular carcinoma
tumor burden in experimental models of NASH; and has demonstrated
antiviral activities towards HBV, HCV, and HDV through several
mechanisms, in preclinical studies.
Hepion has created a proprietary AI platform,
called AI-POWR™, which stands for Artificial
Intelligence - Precision
Medicine; Omics (including genomics,
proteomics, metabolomics, transcriptomics,
and lipidomics); World database access;
and Response and clinical outcomes. Hepion
intends to use AI-POWR™ to help identify which NASH patients will
best respond to CRV431, potentially shortening development
timelines and increasing the delta between placebo and treatment
groups. In addition to using AI-POWR™ to drive its ongoing Phase 2a
NASH program, Hepion will use the platform to identify additional
potential indications for CRV431 to expand the company's footprint
in the cyclophilin inhibition therapeutic
space.
Forward Looking Statements
Certain statements in this press release are
forward-looking within the meaning of the Private Securities
Litigation Reform Act of 1995. These statements may be identified
by the use of forward-looking words such as “anticipate,”
“believe,” “forecast,” “estimated,” and “intend,” among others.
These forward-looking statements are based on Hepion
Pharmaceuticals' current expectations and include statements
regarding the offering, the expected timing of the closing of the
offering and the planned use of proceeds therefrom. Actual results
could differ materially. There are a number of factors that could
cause actual events to differ materially from those indicated by
such forward-looking statements. These factors include, but are not
limited to, the satisfaction of all conditions to, and the closing
of, the offering. Hepion Pharmaceuticals does not undertake an
obligation to update or revise any forward-looking statement.
Investors should read the risk factors set forth in Hepion
Pharmaceuticals’ Form 10-K for the year ended December 31, 2019 and
other periodic reports filed with the Securities and Exchange
Commission.
For further information, please contact:
Stephen KilmerHepion Pharmaceuticals Investor RelationsDirect:
(646) 274-3580skilmer@hepionpharma.com
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