Iterum Therapeutics Announces Revised Results of Rights Offering
September 02 2020 - 07:00AM
Iterum Therapeutics plc (Nasdaq: ITRM) (the “Company”), a
clinical-stage pharmaceutical company focused on developing next
generation oral and IV antibiotics to treat infections caused by
multi-drug resistant pathogens in both community and hospital
settings, today announced revised results of its pending rights
offering.
The Company previously issued a press release announcing the
expiration of the subscription period, as of 5:00 p.m., New York
City time, on August 31, 2020, and preliminary results of its
rights offering of units consisting of (i) a 6.500% Exchangeable
Senior Subordinated Note due 2025, to be issued by Iterum
Therapeutics Bermuda Limited, the Company’s wholly-owned subsidiary
(“Iterum Bermuda”), fully and unconditionally guaranteed on an
unsecured senior subordinated basis by the Company, Iterum
Therapeutics International Limited, Iterum Therapeutics US Limited
and Iterum Therapeutics US Holding Limited (collectively, the
“Guarantors”), and (ii) 50 Limited Recourse Royalty-Linked
Subordinated Notes, to be issued by Iterum Bermuda and fully and
unconditionally guaranteed on an unsecured senior subordinated
basis by the Guarantors. As previously disclosed, the Company
had agreed to undertake the rights offering in connection with the
Company’s January 2020 private placement of units consisting of
6.500% Exchangeable Senior Subordinated Notes due 2025 and Limited
Recourse Royalty-Linked Subordinated Notes (the “Private
Placement”). Due to an inadvertent administrative error, an
affiliate of an investor in the Private Placement, who had agreed
not to purchase any units in the rights offering, subscribed for
6,154 of the 6,374 total units subscribed for in the rights
offering. As a result, the subscription for these 6,154 units
will not be counted in the final allocation of units in the rights
offering, and the Company will only accept subscriptions for 220
units. Based on these revised results, the Company now estimates
that it will receive aggregate gross proceeds of approximately
$220,000 from the rights offering, not including estimated expenses
relating to the rights offering and payable by the Company.
Computershare Trust Company, N.A. is acting as the subscription
agent, and Georgeson LLC is acting as the information agent, for
the rights offering. A registration statement on Form S-1 (File No.
333-237326) relating to the rights offering has been filed with and
declared effective by the U.S. Securities and Exchange Commission
(“SEC”). The rights offering was made only by means of a
prospectus, copies of which can be accessed through the SEC’s
website at www.sec.gov and may also be obtained from the
information agent, Georgeson LLC, toll free at (888) 607-6511. This
press release does not constitute an offer to sell or the
solicitation of an offer to buy any securities, nor will there be
any sale of any securities in any state or other jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
About Iterum Therapeutics
plc
Iterum Therapeutics plc is a clinical-stage
pharmaceutical company dedicated to developing differentiated
anti-infectives aimed at combatting the global crisis of multi-drug
resistant pathogens to significantly improve the lives of people
affected by serious and life-threatening diseases around the world.
Iterum Therapeutics is advancing its first compound, sulopenem, a
novel penem anti-infective compound, in Phase 3 clinical
development with an oral formulation and IV formulation. Sulopenem
has demonstrated potent in vitro activity against a wide variety of
gram-negative, gram-positive and anaerobic bacteria resistant to
other antibiotics. Iterum Therapeutics has received Qualified
Infectious Disease Product (QIDP) and Fast Track designations for
its oral and IV formulations of sulopenem in seven indications.
Forward-Looking Statements
This press release contains forward-looking
statements. These forward-looking statements include, without
limitation, statements regarding the timing, terms, level of
participation in and completion of the rights offering and the
Company’s plans, strategies and prospects for its business. In some
cases, forward-looking statements can be identified by words such
as “may,” “believes,” “intends,” “seeks,” “anticipates,” “plans,”
“estimates,” “expects,” “should,” “assumes,” “continues,” “could,”
“would,” “will,” “future,” “potential” or the negative of these or
similar terms and phrases. Forward-looking statements involve known
and unknown risks, uncertainties and other factors that may cause
the Company’s actual results, performance or achievements to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements. Forward-looking statements include all matters that are
not historical facts. Actual future results may be materially
different from what is expected due to factors largely outside the
Company’s control, including the closing of the rights offering on
the terms described or at all, the expected proceeds to the Company
from the rights offering, the uncertainties inherent in the
initiation and conduct of clinical trials, availability and timing
of data from clinical trials, changes in regulatory requirements or
decisions of regulatory authorities, the Company’s ability to apply
for regulatory approval, changes in public policy or legislation,
commercialization plans and timelines, if sulopenem is approved,
the actions of third-party clinical research organizations,
suppliers and manufacturers, the accuracy of the Company’s
expectations regarding how far into the future the Company’s cash
on hand will fund the Company’s ongoing operations, the sufficiency
of the Company’s cash resources and the Company’s ability to
continue as a going concern, the impact of COVID-19 and related
responsive measures thereto, the Company’s ability to maintain
listing on the Nasdaq Stock Market, risks and uncertainties
concerning the outcome, impact, effects and results of the
Company’s evaluation of corporate, organizational, strategic,
financial and financing alternatives, including the terms, timing,
structure, value, benefits and costs of any corporate,
organizational, strategic, financial or financing alternative and
the Company’s ability to complete one at all, the price of the
Company’s securities, the expected use of proceeds from the rights
offering and other factors discussed under the caption “Risk
Factors” in its most recently filed Quarterly Report on Form 10-Q,
and other documents filed with the SEC from time to time.
Forward-looking statements represent the Company’s beliefs and
assumptions only as of the date of this press release. Except as
required by law, the Company assumes no obligation to update these
forward-looking statements publicly, or to update the reasons
actual results could differ materially from those anticipated in
the forward-looking statements, even if new information becomes
available in the future.
Investor Contact:Judy
MatthewsChief Financial Officer 312-778-6073IR@iterumtx.com
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