Pulse Biosciences, Inc. Announces Oversubscription, Pricing and Preliminary Results for Its $45 Million Rights Offering
December 07 2018 - 9:11AM
Business Wire
Pulse Biosciences, Inc. (Nasdaq: PLSE) (“Pulse Biosciences” or
the “Company”), a novel medical therapy company bringing to market
its proprietary CellFX™ Nano-Pulse Stimulation™ (NPS™) platform,
today announced the completion of its rights offering, which
expired at 5:00 p.m. Eastern Time on December 6, 2018 (the
“Expiration Date”).
In accordance with the pricing structure of the rights offering
described in the prospectus relating to the offering, Pulse
Biosciences has determined that the final subscription price per
share for the shares offered in the rights offering is $12.5658 per
share, which is the volume weighted average price of the Company’s
common stock as calculated for the five-trading day period through
and including the Expiration Date.
Based on a preliminary tabulation by Broadridge Corporate Issuer
Solutions, Inc. (the “Subscription Agent”), as of the Expiration
Date, the Company had received basic subscriptions and
over-subscriptions for a total of 4,023,779 shares, exceeding the
3,581,148 shares offered in the rights offering, subject to
adjustment upon expiration of the guaranteed delivery period.
Available shares will be distributed proportionately among rights
holders who exercised their over-subscription right based on the
number of shares each rights holder subscribed for under the basic
subscription right, in accordance with the procedures described in
the prospectus relating to the rights offering. The Company expects
the Subscription Agent to distribute the shares and the sale
proceeds on or about December 14, 2018.
“We are pleased with the results of the rights offering,” said
Darrin Uecker, President and Chief Executive Officer of Pulse
Biosciences. “The rights offering offered our stockholders an
opportunity to participate in this important financing that will
enable us to continue progress towards our goal of commercializing
our proprietary CellFX Nano-Pulse Stimulation platform, initially
in aesthetic dermatology. We remain committed to building a viable
company and to stockholder value, and look forward to updating you
on our progress as we continue to generate important results in the
future.”
The Company will receive aggregate gross proceeds from the
rights offering of $45 million. The results of the rights offering,
including the allocation of shares to be issued in the rights
offering, are preliminary and subject to change pending the
expiration of the guaranteed delivery period under the offering and
finalization of subscription procedures by the Subscription
Agent.
A registration statement relating to the shares of common stock
was previously filed with the Securities and Exchange Commission
(the “SEC”) and declared effective on November 6, 2018. A
prospectus relating to the offering was filed with the SEC on
November 19, 2018 and is available on the SEC’s website.
Subscription rights that were not exercised by 5:00 p.m. Eastern
Time on December 6, 2018 have expired.
About Pulse Biosciences
Pulse Biosciences is a novel medical therapy company bringing to
market its proprietary CellFX™ Nano-Pulse Stimulation™ (NPS™)
platform. The Company’s CellFX NPS platform provides a novel,
precise, non-thermal, treatment technology delivering nanosecond
duration energy pulses that impact cells in treated tissue while
sparing acellular tissue. NPS’s unique mechanism of action disrupts
the functions of internal cell structures while maintaining the
outer cell membrane initiating a cascade of events within the cell
that results in regulated cell death. The novel characteristics of
the Company’s NPS mechanism of action has the potential to
significantly benefit patients across multiple medical
applications, including dermatology, the Company’s first planned
commercial application. In pre-clinical studies, NPS has
demonstrated an ability to induce immunogenic cell death in several
cancer cell lines. The Company believes its NPS platform may play a
role in immuno-oncology as a focal tumor treatment that can
initiate an adaptive immune response. More information can be found
at www.pulsebiosciences.com.
Forward-Looking Statements
All statements in this press release that are not historical are
forward-looking statements, including, among other things,
statements relating to Pulse Biosciences’ expectations regarding
the results of its rights offering, financing plans, use of
proceeds received in the rights offering, regulatory clearance and
the timing of FDA filings or approvals, the mechanism of action of
NPS treatments, current and planned future clinical studies, other
matters related to its pipeline of product candidates, future
financial performance, anticipated cash use and other future
events. These statements are not historical facts but rather are
based on Pulse Biosciences’ current expectations, estimates, and
projections regarding Pulse Biosciences’ business, operations and
other similar or related factors. Words such as “may,” “will,”
“could,” “would,” “should,” “anticipate,” “predict,” “potential,”
“continue,” “expects,” “intends,” “plans,” “projects,” “believes,”
“estimates,” and other similar or related expressions are used to
identify these forward-looking statements, although not all
forward-looking statements contain these words. You should not
place undue reliance on forward-looking statements because they
involve known and unknown risks, uncertainties, and assumptions
that are difficult or impossible to predict and, in some cases,
beyond Pulse Biosciences’ control. Actual results may differ
materially from those in the forward-looking statements as a result
of a number of factors, including those described in Pulse
Biosciences’ filings with the Securities and Exchange Commission.
Pulse Biosciences undertakes no obligation to revise or update
information in this release to reflect events or circumstances in
the future, even if new information becomes available.
Caution: Pulse Biosciences’ Nano-Pulse Stimulation (NPS) and
CellFX system are for investigational use.
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version on businesswire.com: https://www.businesswire.com/news/home/20181207005236/en/
Investor Relations:Brian DowSr. Vice President and Chief
Financial OfficerIR@pulsebiosciences.com
Gitanjali Jain OgawaSolebury
Troutgogawa@troutgroup.com646-378-2949orMedia:Tosk
CommunicationsNadine D. Tosk, 504-453-8344nadinepr@gmail.com
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