SOUTH SAN FRANCISCO, Calif.,
Aug. 5, 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 closing of its previously announced
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
were $12.5 million, before
underwriting discounts and commissions and estimated offering
expenses. In addition, VistaGen 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, general research and development, working capital and
general corporate purposes.
Maxim Group LLC acted as sole book-running manager for the
offering.
The securities described above were offered by VistaGen 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 were offered by
means of a prospectus supplement and accompanying prospectus,
forming part of the registration statement. The prospectus
supplement and accompanying prospectus relating to this public
offering have been filed with the SEC. Copies of the final
prospectus supplement and accompanying prospectus relating to the
public offering may be obtained by contacting Maxim Group LLC, at
405 Lexington Avenue, 2nd Floor, New
York, NY 10174, Attention: Prospectus Department, 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. 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 underwriters' potential exercise of
their 45-day option to purchase up to an additional 2,343,750
shares of our common stock at the per share public offering price,
less discounts and commissions (the "Over-allotment Option").
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 additional shares of common stock
to the underwriters pursuant to the Over-allotment Option, market
and other conditions, and the impact of general economic, industry
or political conditions in the United
States or internationally. Therefore, there can be no
assurance that the underwriters will exercise the Over-allotment
Option. 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 final prospectus supplement and accompanying
prospectus 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