Entasis Therapeutics Completes Closing of Second Tranche of $35M Private Placement with Innoviva
June 11 2020 - 4:05PM
Entasis Therapeutics Holdings Inc. (NASDAQ: ETTX) (“Entasis”), a
clinical-stage biopharmaceutical company focused on the discovery
and development of novel antibacterial products, today announced
the closing of the second tranche of the $35 million common stock
and warrant investment by Innoviva, Inc. (NASDAQ: INVA)
("Innoviva"), a company with a portfolio of royalties that include
respiratory assets partnered with Glaxo Group Limited, under a
securities purchase agreement signed on April 12, 2020 between the
parties following a vote in favor of the transaction at the special
meeting of Entasis stockholders held on June 10, 2020. In
connection with the second closing, Entasis issued 12,677,490
shares of common stock and warrants to purchase 12,677,490 shares
of common stock at an exercise price of $2.50 per share, for gross
proceeds of approximately $31.7 million.
“Completion of our $35 million financing with
Innoviva provides Entasis with the resources needed to complete
ATTACK (Acinetobacter Treatment Trial Against Colistin), our global
Phase 3 registration trial evaluating a fixed-dose combination of
sulbactam and durlobactam (SUL-DUR) against Acinetobacter
baumanii infections, and continue advancing our pipeline of
pathogen-targeted antibacterial product candidates,” stated Manos
Perros, President and Chief Executive Officer of Entasis. “In
these uncertain times, we are very pleased to have the support of
Innoviva as we continue to innovate against drug-resistant
bacterial infections.”
Following the closing of the second tranche of
the financing, Innoviva holds an aggregate of 14 million shares of
common stock and warrants to purchase 14 million shares of common
stock. Innoviva also has the right to appoint two directors
to the Entasis Board of Directors.
This press release does not constitute an offer
to sell, or the solicitation of an offer to buy, any security and
shall not constitute an offer, solicitation or sale in any
jurisdiction in which such offering, solicitation or sale would be
unlawful. The shares offered have not been registered under
the Securities Act of 1933, as amended (the “Securities Act”), or
applicable state securities laws and may not be offered or sold in
the United States or any state thereof absent registration under
the Securities Act and applicable state securities laws or an
applicable exemption from registration requirements.
About Entasis
Entasis is a clinical-stage biopharmaceutical
company focused on the discovery, development and commercialization
of novel antibacterial products to treat serious infections caused
by multidrug-resistant Gram-negative bacteria. Entasis’
pathogen-targeted design platform has produced a pipeline of
product candidates, including sulbactam-durlobactam (targeting
Acinetobacter baumannii infections), zoliflodacin (targeting
Neisseria gonorrhoeae infections), ETX0282CPDP (targeting
Enterobacteriaceae infections) and ETX0462 (targeting Pseudomonas
infections). For more information, visit www.entasistx.com.
Entasis Forward-looking
StatementsThis press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Words such as “may,” “will,” “expect,” “plan,”
“anticipate,” “estimate,” “intend” and similar expressions (as well
as other words or expressions referencing future events, conditions
or circumstances) are intended to identify forward-looking
statements. These forward-looking statements are based on Entasis’
expectations and assumptions as of the date of this press release.
Each of these forward-looking statements involves risks and
uncertainties. Actual results may differ materially from these
forward-looking statements. Many factors may cause differences
between current expectations and actual results, including our
plans to develop and commercialize our product candidates and the
timing of execution of planned clinical trials and availability of
data from our clinical trials. Many of these factors are
beyond Entasis’ control. These and other risks and uncertainties
are described more fully in the Entasis’ filings with the
Securities and Exchange Commission, including the section titled
“Risk Factors” contained therein. Forward-looking statements
contained in this announcement are made as of this date.
Entasis assumes no obligation to update any forward-looking
statements contained herein to reflect any change in expectations,
even as new information becomes available, except as required by
law.
Company Contact Kyle Dow Entasis Therapeutics
(781) 810-0114 kyle.dow@entasistx.com
Investor Relations ContactsTram Bui / James
SaliernoThe Ruth Group(646) 536-7035 /
7028tbui@theruthgroup.comjsalierno@theruthgroup.com
Media ContactKirsten ThomasThe Ruth Group(508)
280-6592kthomas@theruthgroup.com
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