Neuronetics Announces Pricing of $75 Million Public Offering of Common Stock
January 28 2021 - 10:29PM
Neuronetics, Inc. (NASDAQ: STIM) (the “Company”), a commercial
stage medical technology company focused on designing, developing
and marketing products that improve the quality of life for
patients who suffer from psychiatric disorders, today announced
that it has priced the previously announced underwritten public
offering of 4,840,000 shares of its common stock, at a public
offering price of $15.50 per share. The Company has granted the
underwriters a 30-day option to purchase up to an additional
726,000 shares of its common stock. The gross proceeds to the
Company from this offering are expected to be approximately $75.0
million, before deducting the underwriting discounts and
commissions and other estimated offering expenses payable by the
Company. The offering is expected to close on or about February 2,
2021, subject to satisfaction of customary closing conditions.
The Company currently intends to use the net
proceeds from this offering for general corporate purposes,
including working capital, research and development, marketing and
evaluating new clinical indications.
Piper Sandler & Co. and William Blair &
Company, L.L.C. are acting as joint book-running managers for the
offering. Canaccord Genuity LLC is acting as a lead manager for the
offering.
The offering is being made pursuant to a “shelf”
registration statement on Form S-3 (File No. 333-233047) that
became effective with the Securities and Exchange Commission
(“SEC”) on August 15, 2019 and the base prospectus contained
therein. A preliminary prospectus supplement relating to and
describing the terms of the offering was filed with the SEC and is
available on the SEC’s website at http://www.sec.gov. A final
prospectus supplement and the accompanying base prospectus relating
to the offering and the shares of common stock being offered will
be filed with the SEC. Copies of the registration statement, the
final prospectus supplement and the accompanying base prospectus
may be obtained on the SEC’s website at http://www.sec.gov or, when
available, by contacting: Piper Sandler & Co., Attention:
Prospectus Department, 800 Nicollet Mall, J12S03, Minneapolis, MN
55402, by telephone at (800) 747-3924, or by email at
prospectus@psc.com, or William Blair & Company, L.L.C.,
Attention: Prospectus Department, 150 North Riverside Plaza,
Chicago, IL 60606; via telephone at (800) 621-0687 or via email at
prospectus@williamblair.com.
This announcement is for informational purposes
only and is not an offer to sell or the solicitation of an offer to
buy any securities of the Company, which is made only by means of a
prospectus supplement and related base prospectus, nor will there
be any sale of these securities in any state 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 NeuroneticsNeuronetics,
Inc. is a commercial-stage medical technology company focused on
designing, developing, and marketing products that improve the
quality of life for patients who suffer from psychiatric disorders.
Its commercial product, the NeuroStar® Advanced Therapy System, is
a non-invasive and non-systemic office-based treatment that uses
transcranial magnetic stimulation, or TMS, to create a pulsed,
MRI-strength magnetic field that induces electrical currents
designed to stimulate specific areas of the brain associated with
mood. The system is cleared by the United States Food and Drug
Administration, or FDA, for the treatment of major depressive
disorder in adult patients who have failed to achieve satisfactory
improvement from prior antidepressant medication in the current
episode. NeuroStar is also available in other parts of the world,
including Japan, where it is listed under Japan’s national health
insurance. Additional information can be found at
www.neuronetics.com.
“Safe harbor” statement under the
Private Securities Litigation Reform Act of
1995:Statements in the press release regarding
Neuronetics, Inc. (the “Company”) that are not historical facts,
including with respect to the offering and the intended use of the
proceeds of the offering, constitute “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act
of 1995. These forward-looking statements may be identified by
terms such as “outlook,” “potential,” “believe,” “expect,” “plan,”
“anticipate,” “predict,” “may,” “will,” “could,” “would” and
“should” as well as the negative of these terms and similar
expressions. These statements are subject to significant risks and
uncertainties and actual results could differ materially from those
projected. The Company cautions investors not to place undue
reliance on the forward-looking statements contained in this
release. These risks and uncertainties include, without limitation,
risks and uncertainties related to: the impact of COVID-19 on
general political and economic conditions, including as a result of
efforts by governmental authorities to mitigate COVID-19, such as
travel bans, shelter in place orders and third-party business
closures and the related impact on resource allocations,
manufacturing and supply chains and patient access to commercial
products; the Company’s ability to execute its business continuity,
operational and budget plans in light of the COVID-19 outbreak; the
Company’s ability to achieve or sustain profitable operations due
to its history of losses; the Company’s reliance on the sale and
usage of its NeuroStar Advanced Therapy System to generate
revenues; the scale and efficacy of the Company’s salesforce;
availability of coverage and reimbursement from third-party payors
for treatments using the Company’s products; physician and patient
demand for treatments using the Company’s products; developments in
respect of competing technologies and therapies for the indications
that the Company’s products treat; product defects; the Company’s
ability to obtain and maintain intellectual property protection for
its technology; developments in clinical trials or regulatory
review of NeuroStar Advanced Therapy System for additional
indications; and developments in regulation in the United States
and other applicable jurisdictions. For a discussion of these and
other related risks, please refer to the Company’s recent SEC
filings which are available on the SEC’s website at www.sec.gov.
These forward-looking statements are based on the Company's
expectations and assumptions as of the date of this press release.
Except as required by law, the Company undertakes no duty or
obligation to update any forward-looking statements contained in
this press release as a result of new information, future events or
changes in the Company's expectations.
Investor Contact:Mark R.
KlausnerWestwicke Partners443-213-0501ir@neuronetics.com
Media Contact:Chelsey
MankoVault
Communications610-455-2778cmanko@vaultcommunications.com
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