Auris Medical Holding Ltd. Prices $8,000,000 Common Shares Offering Priced At-the-Market
December 02 2020 - 8:45AM
Hamilton, Bermuda, December 2, 2020 – Auris
Medical Holding Ltd. (NASDAQ: EARS) (“Auris” or the “Company”), a
clinical-stage company dedicated to developing therapeutics that
address important unmet medical needs in neurotology, rhinology and
allergy and CNS disorders, today announced it has entered into
securities purchase agreements with institutional investors for the
purchase and sale of 2,000,000 common shares, par value CHF 0.01
per share, at an offering price of $4.00 per share, pursuant to a
registered direct offering, priced at-the-market under Nasdaq
rules. The gross proceeds of the offering will be approximately
$8,000,000 before deducting fees and other estimated offering
expenses. The Company intends to use the net proceeds for working
capital and general corporate purposes. The closing of the
registered direct offering is expected to take place on or about
December 4, 2020, subject to the satisfaction of customary closing
conditions.
A.G.P./Alliance Global Partners is acting as the
sole placement agent for the offering.
This offering was made pursuant to an effective
shelf registration statement on Form F-3 (File No. 333-228121)
previously filed with the U.S. Securities and Exchange Commission
(the “SEC”). This press release shall not constitute an offer
to sell or the solicitation of an offer to buy 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. A prospectus supplement relating to
the common shares will be filed by Auris with the SEC. When
available, copies of the prospectus supplement, together with the
accompanying prospectus, can be obtained at the SEC's website at
www.sec.gov or from A.G.P./Alliance Global Partners, 590 Madison
Avenue, 28th Floor, New York, New York 10022 or by email at
prospectus@allianceg.com.
About Auris Medical
Auris Medical is a clinical-stage company
dedicated to developing therapeutics that address important unmet
medical needs in neurotology, rhinology and allergy and CNS
disorders. The Company is focused on the development of intranasal
betahistine for the treatment of vertigo (AM-125, in Phase 2) and
for the prevention of antipsychotic-induced weight gain and
somnolence (AM-201, post Phase 1b). Through its affiliate Altamira
Medica, the Company is developing a nasal spray for protection
against airborne pathogens and allergens (AM-301). In addition,
Auris Medical has two Phase 3 programs under development: Sonsuvi®
(AM-111) for acute inner ear hearing loss and Keyzilen® (AM-101)
for acute inner ear tinnitus. The Company was founded in 2003 and
is headquartered in Hamilton, Bermuda with its main operations in
Basel, Switzerland. The shares of Auris Medical Holding Ltd. trade
on the NASDAQ Capital Market under the symbol “EARS.”
Forward-looking Statements
This release may contain forward-looking
statements that are within the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements are identified by certain words or phrases such as
"may", "will", "aim", "will likely result", "believe", "expect",
"will continue", "anticipate", "estimate", "intend", "plan",
"contemplate", "seek to", "future", "objective", "goal", "project",
"should", "will pursue" and similar expressions or variations of
such expressions. These forward-looking statements reflect the
Company's current expectations about its future plans and
performance. These forward-looking statements rely on a number of
assumptions and estimates which could be inaccurate and which are
subject to risks and uncertainties. Actual results could vary
materially from those anticipated or expressed in any
forward-looking statement made by the Company. Please refer to the
Company's most recent Forms 20-F and subsequent filings with the
SEC for a further discussion of these risks and uncertainties. The
Company disclaims any obligation or intent to update the
forward-looking statements in order to reflect events or
circumstances after the date of this release.
Investor contact:
investors@aurismedical.com
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