Tetraphase Pharmaceuticals Announces Completion of $8 Million Registered Direct Offering Priced At-the-Market
November 01 2019 - 4:18PM
Business Wire
Tetraphase Pharmaceuticals, Inc. (Nasdaq:TTPH), a
biopharmaceutical company focused on commercializing its novel
tetracycline XERAVA™ (eravacycline for injection) to treat serious
and life-threatening infections, today announced the completion of
its previously announced registered direct offering to a
healthcare-focused institutional investor priced at-the-market, of
(i) 300,000 shares of common stock and accompanying warrants to
purchase an aggregate of 300,000 shares of common stock, and (ii)
pre-funded warrants to purchase up to an aggregate of 1,830,493
shares of common stock and accompanying warrants to purchase an
aggregate of 1,830,493 shares of common stock. Each share of common
stock and accompanying common stock warrant were sold together at a
combined price of $3.755, and each pre-funded warrant and
accompanying common stock warrant were sold together at a combined
price of $3.745. Each pre-funded warrant has an exercise price of
$0.01 per share, is exercisable immediately and is exercisable
until all of the pre-funded warrants are exercised in full. Each
common stock warrant has an exercise price of $3.62 per share, is
exercisable immediately and expires five years from the date of
issuance.
The net proceeds to the Company from the offering, after
deducting the placement agent's fees and other estimated offering
expenses payable by the Company, are approximately $7.0 million.
The Company intends to use the net proceeds from the offering for
the commercialization of XERAVA as well as for working capital and
other general corporate purposes.
H.C. Wainwright & Co. acted as the exclusive placement agent
for the offering.
A shelf registration statement relating to the securities
offered in the registered direct offering described above was filed
with the Securities and Exchange Commission (SEC) on January 25,
2018 and declared effective by the SEC on February 5, 2018. The
offering will be made only by means of the written prospectus and
prospectus supplement that form a part of the registration
statement. A final prospectus supplement and the accompanying
prospectus related to the offering has been filed with the SEC and
may be obtained, for free by visiting EDGAR on the SEC website at
www.sec.gov. Electronic copies of the final prospectus supplement
and the accompanying prospectus relating to the offering may also
be obtained by contacting H.C. Wainwright & Co., LLC, 430 Park
Avenue, 3rd Floor, New York, NY 10022, or by calling (646) 975-6996
or by emailing placements@hcwco.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the securities being offered, nor
shall there be any sale of the securities being offered 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 Tetraphase Pharmaceuticals, Inc.
Tetraphase Pharmaceuticals, Inc. is a biopharmaceutical company
using its proprietary chemistry technology to develop and
commercialize novel tetracyclines for serious and life-threatening
conditions, including bacterial infections caused by many
multidrug-resistant, or MDR, bacteria. There is a medical need for
new antibiotics as resistance to existing antibiotics increases.
The company’s commercial product, XERAVA™ (eravacycline), a fully
synthetic fluorocycline, is an intravenous, or IV, antibiotic that
is approved for use as a first-line empiric monotherapy for the
treatment of MDR infections, including those found in complicated
intra-abdominal infections, or cIAI.
Forward-Looking Statements
Statements contained in this press release about Tetraphase that
are not purely historical, and all other statements that are not
purely historical, may be deemed to be forward-looking statements
for purposes of the safe harbor provisions under The Private
Securities Litigation Reform Act of 1995. The words "anticipates,"
"believes," "estimates," "expects," "intends," "may," "plans,"
"projects," "will," "would" and similar expressions are intended to
identify forward-looking statements, although not all
forward-looking statements contain these identifying words. These
forward-looking statements involve known and unknown risks and
uncertainties that may cause Tetraphase's actual results,
performance or achievements to be materially different from those
expressed or implied by the forward-looking statements Tetraphase
makes. Important factors that may cause or contribute to such
differences include fluctuations in Tetraphase's stock price, the
anticipated use of the proceeds of the registered direct offering,
Tetraphase's ability to satisfy customary closing conditions
related to the registered direct offering and to consummate the
offering, and such other factors as are set forth in the risk
factors detailed from time to time in Tetraphase's periodic reports
and registration statements filed with the SEC including, without
limitation, the risk factors detailed in Tetraphase's Quarterly
Report on Form 10-Q filed with the SEC on August 8, 2019 and the
final prospectus supplement to be filed in connection with the
registered direct offering under the heading "Risk Factors." You
should not place undue reliance on these forward-looking
statements. In addition, any forward-looking statements represent
Tetraphase's views only as of today and should not be relied upon
as representing Tetraphase's views as of any subsequent date.
Tetraphase disclaims any obligation to update any forward-looking
statements.
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Argot Partners Maeve Conneighton 212-600-1902
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