Scilex Holding Company (Nasdaq: SCLX, “Scilex” or the “Company”),
an innovative revenue-generating company focused on acquiring,
developing and commercializing non-opioid pain management products
for the treatment of acute and chronic pain, today announced that
it has entered into an underwriting agreement with Rodman &
Renshaw LLC and StockBlock Securities LLC, as underwriters,
pursuant to which the underwriters have agreed to purchase on a
firm commitment basis 5,882,353 shares of common stock of the
Company and accompanying common warrants (the “Common Warrants”) to
purchase up to 5,882,353 shares of common stock, at a price to the
public of $1.70 per share and accompanying Common Warrant, less
underwriting discounts and commissions. The closing of the offering
is expected to occur on or about March 5, 2024, subject to the
satisfaction of customary closing conditions.
Rodman & Renshaw LLC and StockBlock
Securities LLC are acting as the joint book-running managers for
the offering.
The Company also has granted to the underwriters
a 30-day option to purchase up to an additional 882,352 shares of
common stock and/or Common Warrants at the public offering price,
less underwriting discounts and commissions. The gross proceeds to
the Company, before deducting underwriting discounts and
commissions and offering expenses and assuming no exercise of the
underwriters’ option to purchase additional shares of common stock
and/or Common Warrants, are expected to be approximately $10
million. The Company intends to use the net proceeds from the
offering, together with its existing cash and cash equivalents and
short-term investments, for working capital and general corporate
purposes, which may include capital expenditures, commercialization
expenditures, research and development expenditures, regulatory
affairs expenditures, clinical trial expenditures, acquisitions of
new technologies and investments, business combinations and the
repayment, refinancing, redemption or repurchase of indebtedness or
capital stock.
The securities described above are being offered
by the Company pursuant to a “shelf” registration statement on Form
S-3 (File No. 333-276245), as amended, which was originally filed
with the Securities and Exchange Commission (the “SEC”) on December
22, 2023, and declared effective by the SEC on January 11, 2024.
The securities are being offered only by means of a prospectus,
including a prospectus supplement, forming a part of the effective
registration statement. A preliminary prospectus supplement and
accompanying prospectus relating to, and describing the terms of,
the offering will be filed with the SEC and will be available on
the SEC’s website at http://www.sec.gov. Electronic copies of the
preliminary prospectus supplement and accompanying prospectus may
also be obtained, when available, by contacting Rodman &
Renshaw LLC at 600 Lexington Avenue, 32nd Floor, New York, NY
10022, by telephone at (212) 540-4440, or by email at
info@rodm.com; and StockBlock Securities LLC at 600 Lexington
Avenue, 32nd Floor, New York, NY 10022, by telephone at (212)
540-4440, or by email at info@stockblock.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 other
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to the registration or qualification under the
securities laws of any such state or other jurisdiction.
About Scilex Holding Company
Scilex Holding Company is an innovative
revenue-generating company focused on acquiring, developing and
commercializing non-opioid pain management products for the
treatment of acute and chronic pain. Scilex targets indications
with high unmet needs and large market opportunities with
non-opioid therapies for the treatment of patients with acute and
chronic pain and are dedicated to advancing and improving patient
outcomes. Scilex’s commercial products include: (i) ZTlido®
(lidocaine topical system) 1.8%, a prescription lidocaine topical
product approved by the U.S. Food and Drug Administration (the
“FDA”) for the relief of neuropathic pain associated with
postherpetic neuralgia, which is a form of post-shingles nerve
pain; (ii) ELYXYB®, a potential first-line treatment and the only
FDA-approved, ready-to-use oral solution for the acute treatment of
migraine, with or without aura, in adults; and (iii) GLOPERBA®, the
first and only liquid oral version of the anti-gout medicine
colchicine indicated for the prophylaxis of painful gout flares in
adults, expected to launch in 2024.
In addition, Scilex has three product
candidates: (i) SP-102 (10 mg, dexamethasone sodium phosphate
viscous gel) (“SEMDEXATM” or “SP-102”), a novel, viscous gel
formulation of a widely used corticosteroid for epidural injections
to treat lumbosacral radicular pain, or sciatica for which Scilex
has completed a Phase 3 study; (ii) SP-103 (lidocaine topical
system) 5.4%, (“SP-103”), a next-generation, triple-strength
formulation of ZTlido, for the treatment of chronic neck pain and
for which Scilex has recently completed a Phase 2 trial in low back
pain; and (iii) SP-104 (4.5 mg, low-dose naltrexone hydrochloride
delayed-release capsules) (“SP-104”), a novel low-dose
delayed-release naltrexone hydrochloride being developed for the
treatment of fibromyalgia, for which Phase 1 trials were completed
in the second quarter of 2022 and a Phase 2 clinical trial is
expected to commence in 2024.
Scilex Holding Company is headquartered in Palo
Alto, California.
Forward-looking Statements
This press release and any statements made for
and during any presentation or meeting concerning the matters
discussed in this press release contain forward-looking statements
related to Scilex and its subsidiaries under the safe harbor
provisions of Section 21E of the Private Securities Litigation
Reform Act of 1995 and are subject to risks and uncertainties that
could cause actual results to differ materially from those
projected. Forward-looking statements include statements regarding
the completion of the public offering, the satisfaction of
customary closing conditions related to the public offering and the
intended use of the net proceeds from the public offering, Scilex’s
plans to launch Gloperba in 2024 and plans to initiate Phase 2
trial in 2024 for SP-104.
Risks and uncertainties that could cause
Scilex’s actual results to differ materially and adversely from
those expressed in our forward-looking statements, include, but are
not limited to: statements related to the timing and completion of
the underwritten offering, the satisfaction of customary closing
conditions related to the underwritten offering and the intended
use of proceeds from the underwritten offering, risks associated
with the unpredictability of trading markets and whether a market
will be established for Scilex’s common stock; general economic,
political and business conditions; risks related to COVID-19 (and
other similar disruptions); the risk that the potential product
candidates that Scilex develops may not progress through clinical
development or receive required regulatory approvals within
expected timelines or at all; risks relating to uncertainty
regarding the regulatory pathway for Scilex’s product candidates;
the risk that Scilex will be unable to successfully market or gain
market acceptance of its product candidates; the risk that Scilex’s
product candidates may not be beneficial to patients or
successfully commercialized; the risk that Scilex has overestimated
the size of the target patient population, their willingness to try
new therapies and the willingness of physicians to prescribe these
therapies; risks that the outcome of the trials and studies for
SP-102, SP-103 or SP-104 may not be successful or reflect positive
outcomes; risks that the prior results of the clinical and
investigator-initiated trials of SP-102 (SEMDEXA™), SP-103 or
SP-104 may not be replicated; regulatory and intellectual property
risks; and other risks and uncertainties indicated from time to
time and other risks described in Scilex’s most recent periodic
reports filed with the Securities and Exchange Commission,
including Scilex’s Annual Report on Form 10-K for the year ended
December 31, 2022 and subsequent Quarterly Reports on Form 10-Q
filed with the Securities and Exchange Commission, including the
risk factors set forth in those filings. Investors are cautioned
not to place undue reliance on these forward-looking statements,
which speak only as of the date of this release, and Scilex
undertakes no obligation to update any forward-looking statement in
this press release except as may be required by law.
Contacts:
Investors and MediaScilex Holding Company960 San Antonio
RoadPalo Alto, CA 94303Office: (650) 516-4310
Email: investorrelations@scilexholding.com
Website: www.scilexholding.com
SEMDEXA™ (SP-102) is a trademark owned by Semnur
Pharmaceuticals, Inc., a wholly-owned subsidiary of Scilex
Holding Company. A proprietary name review by the FDA is
planned.
ZTlido® is a registered trademark owned by Scilex
Pharmaceuticals Inc., a wholly-owned subsidiary of Scilex
Holding Company.
Gloperba® is the subject of an exclusive, transferable
license to use the registered trademark by Scilex Holding
Company.
ELYXYB® is the subject of an exclusive, transferable
license to use the registered trademark by Scilex Holding
Company.
All other trademarks are the property of their respective
owners.
© 2024 Scilex Holding Company All Rights
Reserved.
Scilex (NASDAQ:SCLX)
Historical Stock Chart
From Apr 2024 to May 2024
Scilex (NASDAQ:SCLX)
Historical Stock Chart
From May 2023 to May 2024