REDWOOD CITY, Calif.,
July 12, 2018 /PRNewswire/
-- AcelRx Pharmaceuticals, Inc. (Nasdaq: ACRX) today announced
the pricing of its previously announced underwritten public
offering of 7,272,727 shares of its common stock, at a public
offering price of $2.75 per share.
The gross proceeds to AcelRx from this offering, before deducting
underwriting discounts and commissions, and other estimated
offering expenses payable by AcelRx, are expected to be
approximately $20 million. All
of the shares in the offering are to be sold by AcelRx. The
offering is expected to close on or about July 16, 2018, subject to the satisfaction of
customary closing conditions. AcelRx has granted the underwriters a
30-day option to purchase up to an aggregate of 1,090,909
additional shares of common stock at the initial public offering
price, less the underwriting discounts and commissions.
AcelRx intends to use the net proceeds from the offering for
general corporate purposes, including funding of early
commercialization efforts.
Cantor Fitzgerald & Co. is acting as the sole book-running
manager for the offering. H.C. Wainwright & Co. is acting as
lead manager for the offering. Ladenburg Thalmann is acting as
co-manager for the offering.
A shelf registration statement on Form S-3 relating to the
public offering of the shares of common stock described above was
filed with the Securities and Exchange Commission (the "SEC") and
is effective. The offering will be made solely by means of a
prospectus supplement and accompanying prospectus. A preliminary
prospectus supplement relating to the offering has been filed with
the SEC and a final prospectus supplement relating to the offering
will be filed with the SEC and will be available on the SEC's web
site at www.sec.gov. Copies of the final prospectus supplement and
the accompanying prospectus may also be obtained by contacting
Cantor Fitzgerald & Co., Attention: Capital Markets, 499 Park
Avenue, 6th Floor, New York, NY
10022 or by e-mail at prospectus@cantor.com.
This press release does not constitute an offer to sell, a
solicitation of an offer to sell or a solicitation of an offer to
buy the securities described herein, 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 AcelRx Pharmaceuticals, Inc.
AcelRx Pharmaceuticals, Inc. is a specialty pharmaceutical
company focused on the development and commercialization of
innovative therapies for the treatment of moderate-to-severe acute
pain.
Forward-Looking Information is Subject to Risk and
Uncertainty
Certain of the statements made in this press release are forward
looking, such as those, among others, relating to AcelRx's
expectations regarding the completion of the 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 market and other conditions, the
satisfaction of customary closing conditions related to the public
offering and the impact of general economic, industry or political
conditions in the United States or
internationally. There can be no assurance that AcelRx will be able
to complete the public offering on the anticipated terms, or at
all. AcelRx will need to raise additional capital to fund its
operations and may be unable to raise capital when needed, which
would force AcelRx to delay, reduce or eliminate its 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. Additional
risks and uncertainties relating to AcelRx and its business can be
found under the heading "Risk Factors" in the preliminary
prospectus supplement related to the offering filed with the SEC on
July 11, 2018 and the "Risk Factors"
incorporated therein by reference to the AcelRx's Quarterly Report
on Form 10-Q for quarter ended March 31,
2018, filed with the SEC on May 10,
2018. AcelRx expressly disclaims any obligation or
undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change
in its expectations with regard thereto or any change in events,
conditions or circumstances on which any such statements are
based.
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SOURCE AcelRx Pharmaceuticals, Inc.