Equillium Announces Closing of $30 Million Registered Direct Offering
February 05 2021 - 5:35PM
Equillium, Inc. (Nasdaq: EQ) a clinical-stage biotechnology company
developing itolizumab to treat severe autoimmune and inflammatory
disorders, today announced the closing of its previously announced
registered direct offering with life science institutional
investment funds managed by Decheng Capital, to purchase 4,285,710
units (the “Units”) from Equillium, with each Unit consisting of
one share of common stock and a warrant to purchase 0.3 of a share
of common stock. The purchase price per Unit was $7.00, priced
above the market under Nasdaq rules. The warrants have an exercise
price of $14.00 per share, are immediately exercisable, and will
expire on the earlier of (i) the fifth anniversary of issuance, or
(ii) the 15th calendar date following the date on which Equillium
closes a financing raising a minimum of $25 million at a price per
share of no less than $25.00.
The gross proceeds from the registered direct offering are
approximately $30.0 million before deducting offering
expenses. The Company intends to use the net proceeds primarily to
fund the continued development of the itolizumab pipeline,
potential acquisitions and development of new products, and for
working capital and general corporate purposes.
The securities described above were offered pursuant to a
“shelf” registration statement (File No. 333-234683) filed with the
Securities and Exchange Commission (the “SEC”) on November 13, 2019
and declared effective on November 25, 2019. Such securities may be
offered only by means of a prospectus, including a prospectus
supplement, forming a part of the effective registration statement.
A prospectus supplement and the accompanying prospectus relating to
the offering of the securities was filed with the SEC. Electronic
copies of the prospectus supplement and the accompanying prospectus
relating to the offering of the securities may be obtained, when
available, on the SEC’s website at http://www.sec.gov.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy, nor there any sales of these
securities in any jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of such jurisdiction.
About EquilliumEquillium is a clinical-stage
biotechnology company leveraging deep understanding of
immunobiology to develop novel products to treat severe autoimmune
and inflammatory disorders with high unmet medical need. Equillium
is developing itolizumab for multiple severe immuno-inflammatory
diseases, including acute graft-versus-host-disease (aGVHD),
lupus/lupus nephritis and uncontrolled asthma.For more information,
visit www.equilliumbio.com.
Forward Looking StatementsStatements contained
in this press release regarding matters that are not historical
facts are “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995. Because such
statements are subject to risks and uncertainties, actual results
may differ materially from those expressed or implied by such
forward-looking statements. Such statements include, but are not
limited to statements regarding the intended use of net proceeds
from the registered direct offering, Equillium’s plans and expected
timing for developing itolizumab and potential benefits of
itolizumab. Risks that contribute to the uncertain nature of the
forward-looking statements include: Equillium’s ability to execute
its plans and strategies; risks related to performing clinical
trials; potential delays in the commencement, enrollment and
completion of clinical trials and the reporting of data
therefrom; the risk that studies will not
be completed as planned; Equillium’s plans and product
development, including the initiation and completion of clinical
trials and the reporting of data therefrom; whether the results
from clinical trials will validate and support the safety and
efficacy of itolizumab; and changes in the competitive landscape.
These and other risks and uncertainties are described more fully
under the caption “Risk Factors” and elsewhere in Equillium’s
filings and reports with the SEC. All forward-looking statements
contained in this press release speak only as of the date on which
they were made. Equillium undertakes no obligation to update such
statements to reflect events that occur or circumstances that exist
after the date on which they were made.
Investor ContactMichael Moore Vice President,
Investor Relations & Corporate
Communications+1-619-302-4431ir@equilliumbio.com
Media ContactKatherine Carlyle SmithSenior
Account AssociateCanale Communications+1-805-907-2497
katherine.smith@canalecomm.com
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