Neuronetics Announces Closing of Public Offering and Exercise in Full of the Underwriters’ Option to Purchase Additional Sh...
February 02 2021 - 4:05PM
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 the
closing of an underwritten public offering of 5,566,000 shares of
its common stock, including the exercise in full by the
underwriters of their option to purchase up to an additional
726,000 shares of common stock, at a public offering price of
$15.50 per share. Net proceeds from the offering were approximately
$80.6 million, after deducting the underwriting discounts and
commissions and other estimated offering expenses payable by the
Company.
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. acted as joint book-running managers for the
offering. Canaccord Genuity LLC acted as a lead manager for the
offering.
The offering was 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 final prospectus supplement relating to the offering was
filed by the Company 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 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, 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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