Veru Announces Pricing of Public Offering of Common Stock
December 14 2023 - 9:00AM
Veru Inc. (NASDAQ: VERU), a late clinical stage biopharmaceutical
company focused on developing novel medicines for the treatment of
metabolic diseases, oncology and viral-induced acute respiratory
distress syndrome, announced today the pricing of an underwritten
public offering of 45,833,333 shares of its common stock at a
price to the public of $0.72 per share. The aggregate gross
proceeds to Veru from the offering, before deducting underwriting
discounts and commissions and other estimated offering expenses,
are expected to be approximately $33 million. In addition, Veru has
granted the underwriters a 30-day option to purchase up to an
additional 6,874,999 shares of common stock at the public offering
price, less underwriting discounts and commissions. All of the
securities being sold in the offering are being offered by Veru.
The offering is expected to close on or about December 18, 2023,
subject to the satisfaction of customary closing conditions.
Raymond James & Associates, Inc. and Oppenheimer & Co.
Inc. are acting as joint book-running managers for the
offering.
Veru intends to use the net proceeds from the offering to fund
its clinical stage drug development with a primary near-term focus
on funding a Phase 2b clinical trial designed to evaluate the
safety and efficacy of enobosarm, an oral selective androgen
receptor modulator, initially as a treatment to augment fat loss
and to prevent muscle loss in sarcopenic obese or overweight
elderly patients receiving a glucagon-like peptide-1 receptor
agonist who are at-risk for developing muscle atrophy and muscle
weakness. Some of the proceeds will also be used for working
capital purposes, including existing vendor obligations, and for
other general corporate purposes.
The securities described above are being offered by Veru
pursuant to a shelf registration statement on Form S-3 previously
filed with the Securities and Exchange Commission (SEC) on March
16, 2023 which was amended on April 11, 2023 and declared effective
by the SEC on April 14, 2023. This offering is being made only by
means of a prospectus and prospectus supplement that form a part of
the registration statement. A preliminary prospectus supplement and
accompanying prospectus related to this offering has been filed,
and a final prospectus supplement and accompanying prospectus
related to the offering will be filed with the SEC and are or will
be available on the website of the SEC at http://www.sec.gov.
Copies of the final prospectus supplement and the accompanying
prospectus relating to this offering may also be obtained by
contacting Raymond James & Associates, Inc., Attention: Equity
Syndicate, 880 Carillon Parkway, St. Petersburg, Florida 33716, or
by telephone at (800) 248-8863, or by e-mail to
prospectus@raymondjames.com; or Oppenheimer & Co. Inc.,
Attention: Syndicate Prospectus Department, 85 Broad Street, 26th
Floor, New York, NY 10004, or by telephone at (212) 667-8055, or by
email at EquityProspectus@opco.com.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy these securities, 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 that
state or jurisdiction.
About Veru Inc.Veru Inc. is a late clinical
stage biopharmaceutical company focused on developing novel
medicines for the treatment of metabolic diseases, oncology and
viral-induced acute respiratory distress syndrome.
Cautionary Statement on Forward Looking
Statements.This press release contains "forward-looking
statements" as that term is defined in the Private Securities
Litigation Reform Act of 1995 including, without limitation,
express or implied statements related to Veru’s expectations
regarding the timing and closing of the offering, and the
anticipated use of proceeds from the offering. The words
"anticipate," "believe," "could," "expect, " "intend," "may,"
"opportunity," "plan," "predict," "potential," "estimate," "should,
" "will," "would" and similar expressions are intended to identify
forward-looking statements, although not all forward-looking
statements contain these identifying words.. Any forward-looking
statements in this press release are based upon current plans and
strategies of Veru Inc. (the Company) and reflect the Company's
current assessment of the risks and uncertainties related to its
business and are made as of the date of this press release. The
Company assumes no obligation to update any forward- looking
statements contained in this press release because of new
information or future events, developments or circumstances. Such
forward-looking statements are subject to known and unknown risks,
uncertainties and assumptions, and if any such risks or
uncertainties materialize or if any of the assumptions prove
incorrect, our actual results could differ materially from those
expressed or implied by such statements. Factors that may cause
actual results to differ materially from those contemplated by such
forward-looking statements include, but are not limited to,
uncertainties related to market conditions and the satisfaction of
customary closing conditions related to the proposed public
offering and the Company’s expectations regarding the completion,
timing and size of the proposed public offering and the use of
proceeds therefrom. This list is not exhaustive and other risks are
detailed in the Company’s periodic reports filed with the SEC,
including the Company's Form 10-K for the year ended September 30,
2023.
Contact:
Sam Fischveruinvestor@verupharma.comExecutive Director, Investor
Relations and Corporate Communications
Veru (NASDAQ:VERU)
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