Axsome Therapeutics Raises $23.3 Million Under Existing ATM Facility
January 07 2019 - 6:35PM
Axsome Therapeutics, Inc. (NASDAQ: AXSM), a clinical-stage
biopharmaceutical company developing novel therapies for the
management of central nervous system (CNS) disorders, announced
that today it raised approximately $23.3 million through the sale
of 2,881,066 shares under its existing at-the-market (ATM) facility
with Leerink Partners LLC.
Axsome intends to use the proceeds from this
offering to continue to fund the ongoing clinical development of
its late stage product candidates and for other general corporate
purposes, including funding existing and potential new clinical
programs and product candidates.
Sales of the shares of common stock in the ATM
offering are made pursuant to a prospectus supplement to Axsome’s
previously filed and currently effective registration statement on
Form S-3 (File No. 333-214859). This press release shall not
constitute an offer to sell, or the solicitation of an offer to buy
the securities discussed herein, nor shall there be any sale of
these securities in any state or jurisdiction in which such an
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or
jurisdiction.
Other than this announcement, Axsome does not
intend to provide regular updates on ATM financing activity outside
of standard quarterly reporting requirements.
About Axsome Therapeutics,
Inc.
Axsome Therapeutics, Inc. is a clinical-stage
biopharmaceutical company developing novel therapies for the
management of central nervous system (CNS) disorders for which
there are limited treatment options. Axsome’s core CNS product
candidate portfolio includes four clinical-stage candidates,
AXS-05, AXS-07, AXS-09, and AXS-12. AXS-05 is currently in a Phase
3 trial in treatment resistant depression (TRD), a Phase 2/3 trial
in agitation associated with Alzheimer’s disease (AD), a Phase 2
trial in Major Depressive Disorder (MDD), and a Phase 2 trial in
smoking cessation. AXS-07 is being developed for the acute
treatment of migraine. AXS-12 is being developed for the treatment
of the symptoms of narcolepsy. The Axsome Pain and Primary Care
business unit (Axsome PPC) houses Axsome’s pain and primary care
assets, including AXS-02 and AXS-06, and intellectual property
which covers these and related product candidates and molecules
being developed by Axsome and others. AXS-02 is being developed for
osteoporosis, the pain of knee osteoarthritis, and chronic low back
pain. AXS-06 is being developed for osteoarthritis and rheumatoid
arthritis. AXS-02, AXS-05, AXS-06, AXS-07, AXS-09, and AXS-12 are
investigational drug products not approved by the FDA. For more
information, please visit the Company’s website at axsome.com. The
Company may occasionally disseminate material, nonpublic
information on the company website.
Forward Looking Statements
Certain matters discussed in this press release
are “forward-looking statements”. We may, in some cases, use terms
such as “predicts,” “believes,” “potential,” “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. In particular, the Company’s statements
regarding trends and potential future results are examples of such
forward-looking statements. The forward-looking statements include
risks and uncertainties, including, but not limited to, the
success, timing and cost of our ongoing clinical trials and
anticipated clinical trials for our current product candidates,
including statements regarding the timing of initiation and
completion of the trials, futility analyses and receipt of interim
results, which are not necessarily indicative of the final results
of our ongoing clinical trials; our ability to fund additional
clinical trials to continue the advancement of our product
candidates; the timing of and our ability to obtain and maintain
U.S. Food and Drug Administration (“FDA”) or other regulatory
authority approval of, or other action with respect to, our product
candidates (including, but not limited to, FDA’s agreement with the
Company’s plan to discontinue the bupropion treatment arm of the
ADVANCE-1 study in accordance with the independent data monitoring
committee’s recommendations); the potential for the ASCEND clinical
trial to provide a basis for approval of AXS-05 for the treatment
of major depressive disorder and accelerate its development
timeline and commercial path to patients; the Company’s ability to
successfully defend its intellectual property or obtain the
necessary licenses at a cost acceptable to the Company, if at all;
the successful implementation of the Company’s research and
development programs and collaborations; the success of the
Company’s license agreements; the acceptance by the market of the
Company’s product candidates, if approved; and other factors,
including general economic conditions and regulatory developments,
not within the Company’s control. The factors discussed herein
could cause actual results and developments to be materially
different from those expressed in or implied by such statements.
The forward-looking statements are made only as of the date of this
press release and the Company undertakes no obligation to publicly
update such forward-looking statements to reflect subsequent events
or circumstance.
Axsome Contact:Mark Jacobson Senior Vice
President, Operations Axsome Therapeutics, Inc. 25 Broadway, 9th
Floor New York, NY 10004 Tel: 212-332-3243 Email:
mjacobson@axsome.comwww.axsome.com
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