Strongbridge Biopharma plc Announces Closing of Public Offering of Ordinary Shares
October 06 2017 - 4:05PM
Strongbridge Biopharma plc (NASDAQ:SBBP) (the “Company”) today
announced the closing of its previously announced underwritten
public offering of 4,000,000 ordinary shares. The total net
proceeds of the offering are approximately $23.4 million, after
deducting the underwriting discounts and commissions and estimated
offering expenses payable by the Company.
Cantor Fitzgerald & Co. acted as the sole
book-running manager for the offering. Oppenheimer & Co. Inc.
and H.C. Wainwright & Co., LLC acted as co-managers for the
offering.
The Company intends to use the net proceeds from
the offering for investment in expanded commercial infrastructure
for Keveyis, continued development of Recorlev and veldoreotide,
commercialization expenditures, and for other general corporate
purposes, which may include working capital, capital expenditures,
acquisition of additional technologies or other forms of
intellectual property, acquisition of assets or businesses that are
complementary to its existing business, and general and
administrative expenses.
The ordinary shares described above were offered
by the Company pursuant to its shelf registration statement on Form
F-3 previously filed with the Securities and Exchange Commission
(the “SEC”) and declared effective on May 8, 2017. A final
prospectus supplement and accompanying prospectus relating to the
offering was filed with the SEC and is available on the SEC’s
website at www.sec.gov. Copies of the final prospectus supplement
and accompanying prospectus may also be obtained by sending a
request to Cantor Fitzgerald & Co., Attention: Capital Markets,
499 Park Ave., 6th Floor, New York, New York 10022 or by e-mail at
prospectus@cantor.com.
About Strongbridge Biopharma
plc
Strongbridge Biopharma is a global
commercial-stage biopharmaceutical company focused on the
development and commercialization of therapies for rare diseases
with significant unmet needs. Strongbridge’s first commercial
product is KEVEYIS® (dichlorphenamide), the first and only
FDA-approved treatment for hyperkalemic, hypokalemic, and related
variants of Primary Periodic Paralysis. KEVEYIS has orphan drug
exclusivity status in the U.S. through August 7, 2022. In addition
to establishing this neuromuscular disease franchise, the Company
has a clinical-stage pipeline of therapies for rare endocrine
diseases. Strongbridge’s lead compounds include RECORLEV™
(levoketoconazole), a cortisol synthesis inhibitor currently being
studied for the treatment of endogenous Cushing’s syndrome, and
veldoreotide, a next-generation somatostatin analog being
investigated for the treatment of acromegaly, with potential
additional applications in Cushing’s syndrome and neuroendocrine
tumors. Both RECORLEV and veldoreotide have received orphan
designation from the U.S. Food and Drug Administration and the
European Medicines Agency.
“Safe Harbor” Statement Under the
Private Securities Litigation Reform Act of 1995
This press release contains forward-looking
statements within the meaning of the federal securities laws. These
statements involve risks and uncertainties that could cause actual
results to differ materially, including, but not limited to, the
anticipated use of the proceeds of the offering, which could change
as a result of market conditions or for other reasons, and the
impact of general economic, industry or political conditions in the
United States or internationally. Additional risks and
uncertainties relating to the proposed offering, Strongbridge and
its business can be found under the heading “Risk Factors” in
Strongbridge’s annual report on Form 20-F for the year ended
December 31, 2016, filed with the SEC on April 4, 2017, its Report
on Form 6-K filed with the SEC on August 7, 2017, and in the
preliminary prospectus supplement and accompanying prospectus
relating to the offering to be filed with the SEC. Strongbridge
assumes no duty or obligation to update or revise any
forward-looking statements for any reason.
Contacts:
Corporate and Media Relations Elixir Health
Public Relations Lindsay Rocco +1 862-596-1304
lrocco@elixirhealthpr.com
Investor RelationsU.S.:The Trout Group Marcy
Nanus +1 646-378-2927 mnanus@troutgroup.com
Europe:First HouseMitra Hagen Negård+47 21 04
62 19strongbridgebio@firsthouse.no
USA 900 Northbrook Drive Suite 200 Trevose,
PA 19053 Tel. +1 610-254-9200 Fax. +1 215-355-7389
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