Perspective Therapeutics, Inc. (“Perspective” or the
“Company”) (NYSE AMERICAN: CATX), a radiopharmaceutical company
that is pioneering advanced treatment applications for cancers
throughout the body, today announced the pricing of an underwritten
public offering of 132,075,218 shares of its common stock at a
public offering price of $0.37 per share and, to certain investors
in lieu of common stock, pre-funded warrants to purchase 30,086,944
shares of its common stock at a price of $0.369 per pre-funded
warrant. The aggregate gross proceeds from this public offering are
expected to be approximately $60.0 million, before deducting
underwriting discounts and commissions and other offering expenses
payable by Perspective in connection with the public offering. The
purchase price per share of each pre-funded warrant represents the
per share public offering price for the common stock, minus the
$0.001 per share exercise price of such pre-funded warrant. All of
the shares of common stock and pre-funded warrants to be sold in
the public offering are being sold by Perspective. In addition,
Perspective has granted the underwriters an option for a period of
30 days to purchase up to an additional 24,324,324 shares of
Perspective’s common stock at the public offering price, less
underwriting discounts and commissions.
Oppenheimer & Co. and B. Riley Securities
are acting as joint book-running managers for the public
offering.
Concurrent with the public offering, Perspective
has agreed to sell, subject to the consummation of the public
offering and satisfaction of other customary closing conditions, in
a previously announced private placement exempt from the
registration requirements of the Securities Act of 1933, as amended
(the “Securities Act”), 56,342,355 shares of its common stock to
Lantheus Alpha Therapy, LLC at a price per share equal to the
public offering price, for total gross proceeds of approximately
$20.8 million.
The aggregate gross proceeds from the public
offering and the concurrent private placement are expected to be
approximately $80.8 million, before underwriting discounts and
commissions and other offering expenses payable by Perspective, and
without giving effect to any exercise by the underwriters of their
option to purchase additional shares. The public offering and the
concurrent private placement are expected to close on or about
January 22, 2024, subject to the satisfaction of customary closing
conditions.
Perspective intends to use the net proceeds that
it will receive from the public offering and concurrent private
placement for general corporate purposes, which may include
research and development expenditures, preclinical study and
clinical trial expenditures, manufacturing expenditures,
commercialization expenditures, working capital, capital
expenditures, acquisitions of new technologies, products or
businesses and investments.
The securities described above in the public
offering are being offered by Perspective pursuant to a shelf
registration statement on Form S-3 (File No. 333-275638) initially
filed with the Securities and Exchange Commission (the “SEC”) on
November 17, 2023 and declared effective by the SEC on December 14,
2023.
The securities in the public offering are being
offered by means of a prospectus supplement and accompanying
prospectus relating to the public offering that form a part of the
registration statement. A preliminary prospectus supplement
relating to the public offering was filed with the SEC on January
17, 2024 and is available on the SEC’s website at www.sec.gov. The
final prospectus supplement relating to and describing the terms of
the public offering will be filed with the SEC and also will be
available on the SEC’s website at www.sec.gov. Before investing in
the public offering, you should read each of the prospectus
supplement and the accompanying prospectus relating to the public
offering in their entirety as well as the other documents that
Perspective has filed with the SEC that are incorporated by
reference in the prospectus supplement and the accompanying
prospectus relating to the public offering, which provide more
information about Perspective and the public offering. Copies of
the final prospectus supplement, when available, and accompanying
prospectus relating to the public offering may be obtained from
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, or from B. Riley Securities, Inc.,
Attention: Prospectus Department, 1300 17th Street North, Suite
1300, Arlington, Virginia 22209, Phone: (703) 312-9580, Email:
prospectuses@brileyfin.com.
The shares to be sold in the concurrent private
placement have not been registered under the Securities Act, or any
state or other applicable jurisdiction’s securities laws, and may
not be offered or sold in the United States absent registration or
an applicable exemption from the registration requirements of the
Securities Act and applicable state or other jurisdictions’
securities laws.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy any of the
securities described herein, 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 any such state or
jurisdiction.
About Perspective Therapeutics,
Inc.
Perspective Therapeutics, Inc., is a
radiopharmaceutical company that is pioneering advanced treatment
applications for cancers throughout the body. The Company has a
proprietary technology that utilizes the alpha emitting isotope
Lead-212 to deliver powerful radiation specifically to cancer cells
via specialized targeting peptides. The Company is also developing
complementary imaging diagnostics that incorporate the same
targeting peptides which provide the opportunity to personalize
treatment and optimize patient outcomes. This “theranostic”
approach enables the ability to see the specific tumor and then
treat it to potentially improve efficacy and minimize toxicity
associated with many other types of cancer treatments.
The Company’s melanoma (VMT01) and
neuroendocrine tumor (VMT-α-NET) programs have entered Phase 1/2a
imaging and therapy trials for the treatment of metastatic melanoma
and neuroendocrine tumors at several leading academic institutions
in the United States. The Company has also developed a proprietary
Lead-212 generator to secure key isotopes for clinical trial and
commercial operations.
SAFE HARBOR STATEMENTS UNDER THE PRIVATE
SECURITIES LITIGATION ACT OF 1995: To the extent any
statements made in this press release deal with information that is
not historical, these are forward-looking statements under the
Private Securities Litigation Reform Act of 1995. Such statements
include, but are not limited to, statements regarding the timing of
the closing of the public offering and concurrent private
placement, as well as the anticipated use of proceeds for the
public offering and concurrent private placement and other
statements identified by words such as “will,” “potential,”
“could,” “can,” “believe,” “intends,” “continue,” “plans,”
“expects,” “anticipates,” “estimates,” “may,” other words of
similar meaning or the use of future dates. Forward-looking
statements by their nature address matters that are, to different
degrees, uncertain. Uncertainties and risks may cause Perspective’s
actual results to be materially different than those expressed in
or implied by Perspective’s forward-looking statements. For
Perspective, this includes satisfaction of the customary closing
conditions of the public offering and concurrent private placement,
delays in obtaining required stock exchange or other regulatory
approvals, stock price volatility and uncertainties relating to the
financial markets, the medical community and the global economy,
and the impact of instability in general business and economic
conditions, including changes in inflation, interest rates and the
labor market. More detailed information on these and additional
factors that could affect Perspective’s actual results are
described in Perspective’s filings with the SEC, including its
Transition Report on Form 10-KT for the transition period ended
December 31, 2022, as revised or supplemented by its Quarterly
Reports on Form 10-Q and other documents filed with the SEC. All
forward-looking statements in this news release speak only as of
the date of this news release. Perspective undertakes no obligation
to update or revise any forward-looking statement, whether as a
result of new information, future events or otherwise.
Media and Investor Relations Contacts:
Russo Partners, LLC
Nic Johnson or Harrison Seidner, Ph.D.
E: Nic.johnson@russopartnersllc.com
E: Harrison.seidner@russopartnersllc.com
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