Zynerba Pharmaceuticals Announces Pricing of Public Offering of Common Stock
July 20 2018 - 9:10AM
Zynerba Pharmaceuticals, Inc. (NASDAQ:ZYNE) today announced the
pricing of an underwritten public offering of 4,062,500 shares of
its common stock at a price of $8.00 per share, for a gross deal
size of $32.5 million, before deducting underwriting discounts and
commissions and other estimated offering expenses. In addition,
Zynerba has granted the underwriters a 30-day option to purchase up
to 609,375 additional shares of common stock at the public offering
price, less underwriting discounts and commissions. The offering is
expected to close on or about July 24, 2018, subject to the
satisfaction of customary closing conditions.
Cantor Fitzgerald & Co. is acting as the
sole book-running manager.
Zynerba intends to use the net proceeds of the
proposed offering to support the clinical development of ZYN002,
for additional research and development, and for general corporate
purposes, which may include capital expenditures and funding our
working capital needs.
The offering is being made by Zynerba pursuant
to a shelf registration statement on Form S-3 previously filed with
the Securities and Exchange Commission (the “SEC”) on June 9, 2017
and declared effective by the SEC on June 22, 2017. The offering is
being made only by means of a written prospectus and prospectus
supplement that form a part of the registration statement. A
preliminary prospectus supplement and accompanying prospectus
related to the offering has been filed with the SEC and is
available on the website of the SEC at www.sec.gov. When available,
copies of the final prospectus supplement and accompanying
prospectus may be obtained from Cantor Fitzgerald & Co., Attn:
Capital Markets, 499 Park Avenue, 6th Floor, New York, NY 10022, by
telephone at 212-829-7122 or by email at prospectus@cantor.com.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy, nor shall there be
any sale of, these securities in any state or jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of such
state or jurisdiction.
About Zynerba Pharmaceuticals,
Inc.Zynerba Pharmaceuticals is the leader in
pharmaceutically-produced transdermal cannabinoid therapies for
rare and near-rare neuropsychiatric disorders. We are committed to
improving the lives of patients and their families living with
severe, chronic health conditions including Fragile X syndrome and
refractory epilepsies.
Cautionary Statement Regarding Forward
Looking StatementsThis press release contains
forward-looking statements within the meaning of The Private
Securities Litigation Reform Act of 1995. We may, in some cases,
use terms such as “predicts,” “believes,” “potential,” “proposed,”
“continue,” “estimates,” “anticipates,” “expects,” “plans,”
“intends,” “may,” “could,” “might,” “will,” “should” or other words
that convey uncertainty of future events or outcomes to identify
these forward-looking statements. Such statements are subject to
numerous important factors, risks and uncertainties that may cause
actual events or results to differ materially from the Company’s
current expectations. Management’s expectations and, therefore, any
forward-looking statements in this press release could also be
affected by risks and uncertainties relating to a number of other
factors, including risks and uncertainties associated with market
conditions and the satisfaction of customary closing conditions
related to the proposed offering and the Company’s expectations
regarding the use of proceeds therefrom. This list is not
exhaustive and these and other risks are described in the Company’s
periodic reports, including the annual report on Form 10-K,
quarterly reports on Form 10-Q and current reports on Form 8-K,
filed with or furnished to the Securities and Exchange Commission
and available at www.sec.gov. Any forward-looking statements that
the Company makes in this press release speak only as of the date
of this press release. The Company assumes no obligation to update
forward-looking statements whether as a result of new information,
future events or otherwise, after the date of this press
release.
Investor Contact
Will Roberts, FP Investor Relations and Corporate
CommunicationsZynerba
Pharmaceuticals484.581.7483robertsw@zynerba.com
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