SOUTH SAN FRANCISCO, Calif.,
Aug. 2, 2020 /PRNewswire/
-- VistaGen Therapeutics, Inc. (Nasdaq: VTGN), a
biopharmaceutical company developing new generation medicines for
anxiety, depression and other central nervous system (CNS)
disorders, today announced the pricing of its underwritten public
offering of 15,625,000 shares of its common stock at a public
offering price of $0.80 per share.
Gross proceeds from the offering, before underwriting discounts and
commissions and estimated offering expenses, are expected to be
$12.5 million. In addition, VistaGen
has granted the underwriter a 45-day option to purchase up to an
additional 2,343,750 shares of common stock at the per share public
offering price, less discounts and commissions.
VistaGen currently intends to use the net proceeds from the
offering for the continued development of its CNS pipeline
programs, and for general research and development, working capital
and general corporate purposes.
Maxim Group LLC is acting as sole book-running manager for the
offering.
The public offering is being made pursuant to an effective shelf
registration statement on Form S-3 (File No. 333-234025),
previously filed with the U.S. Securities and Exchange Commission
(SEC) on September 30, 2019 and
declared effective on October 7,
2019. The securities may be offered only by means of a
prospectus. A preliminary prospectus supplement describing the
terms of the public offering has been filed with the SEC. A final
prospectus supplement will be filed with the SEC and will form a
part of the effective registration statement. Copies of the final
prospectus supplement and accompanying prospectus relating to the
public offering may be obtained, when available, by contacting
Maxim Group LLC, at 405 Lexington Avenue, 2nd Floor, New York, NY 10174, Attention: Prospectus
Department, or by telephone at (212) 895-3745 or by email at
syndicate@maximgrp.com.
This press release shall not constitute an offer to sell or the
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 VistaGen Therapeutics, Inc.
VistaGen Therapeutics, Inc. ("VistaGen") is a clinical-stage
biopharmaceutical company developing new generation medicines for
anxiety, depression and certain CNS diseases and disorders where
current treatments are believed by VistaGen to be inadequate,
resulting in high unmet need. Each of VistaGen's three drug
candidates has a differentiated mechanism of action, an exceptional
safety profile in all clinical studies to date, and therapeutic
potential in multiple CNS markets. For more information, please
visit www.vistagen.com and connect with VistaGen on Twitter,
LinkedIn and Facebook.
Forward Looking Statements
Certain of the statements made in this press release are
forward-looking, such as those, among others, relating to our
expectations regarding the completion of the proposed public
offering. Actual results or developments may differ materially from
those projected or implied in these forward-looking statements.
Factors that may cause such a difference include, without
limitation, risks and uncertainties related to whether or not we
will be able to raise capital through the sale of shares of common
stock, the final terms of the proposed public offering, market and
other conditions, the satisfaction of customary closing conditions
related to the proposed public offering and the impact of general
economic, industry or political conditions in the United States or internationally. There
can be no assurance that we will be able to complete the proposed
public offering on the anticipated terms, or at all. We will need
to raise additional capital to fund our operations and may be
unable to raise capital when needed, which would force us to delay,
reduce or eliminate our product development programs or
commercialization efforts. You should not place undue reliance on
these forward-looking statements, which apply only as of the date
of this press release. Certain other risks are more fully discussed
in the section entitled "Risk Factors" in the preliminary
prospectus supplement and the final prospectus supplement relating
to the public offering, our most recent annual report on Form 10-K,
as well as discussions of potential risks, uncertainties, and other
important factors in our other filings with the SEC. Our SEC
filings are available on the SEC's website at www.sec.gov. In
addition, any forward-looking statements represent our views only
as of the issuance of this release and should not be relied upon as
representing our views as of any subsequent date. We explicitly
disclaim any obligation to update any forward-looking
statements.
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SOURCE VistaGen Therapeutics