Axcella Therapeutics Announces $25 Million Registered Direct Offering of Common Stock Priced At The Market
March 16 2022 - 8:15AM
Business Wire
Axcella Therapeutics (Nasdaq: AXLA), a clinical-stage
biotechnology company pioneering a new approach to treat complex
diseases using multi-targeted endogenous metabolic modulator (EMM)
compositions, today announced that it has entered into a securities
purchase agreement with investors in a registered direct offering
of 13,089,002 shares of common stock (the “Shares”) at a purchase
price of $1.91 per share, resulting in gross proceeds of $25.0
million.
The offering is expected to close on March 16, 2022, subject to
customary closing conditions. Since this offering is being made
without an underwriter or a placement agent, Axcella will not be
paying any underwriting discounts in connection with the
transaction. Axcella intends to use the net proceeds from the
offering to complete its Long COVID Phase 2a clinical trial and,
assuming positive data, its regulatory dialogue regarding next
steps for this program; complete enrollment of its EMMPACT Phase 2b
clinical trial in non-alcoholic steatohepatitis (NASH); advance its
EMMPOWER Phase 2 clinical trial in OHE; and for working capital and
other general corporate purposes.
The Shares were offered pursuant to a shelf registration
statement that was previously filed with the U.S. Securities and
Exchange Commission (the “SEC”) and declared effective by the SEC
on June 12, 2020. A final prospectus supplement, which contains
additional information relating to the offering, has been filed
with the SEC and is available on the SEC’s website at
www.sec.gov.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the Shares, nor shall there be any
sale of the Shares in any state or other jurisdiction in which such
offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
state or other jurisdiction.
Internet Posting of Information Axcella uses the
“Investors and News” section of its website, www.axcellatx.com, as
a means of disclosing material nonpublic information, to
communicate with investors and the public, and for complying with
its disclosure obligations under Regulation FD. Such disclosures
include, but may not be limited to, investor presentations and
FAQs, Securities and Exchange Commission filings, press releases,
and public conference calls and webcasts. The information that we
post on our website could be deemed to be material information. As
a result, we encourage investors, the media and others interested
to review the information that we post there on a regular basis.
The contents of our website shall not be deemed incorporated by
reference in any filing under the Securities Act of 1933, as
amended.
About Axcella Therapeutics (Nasdaq: AXLA) Axcella is a
clinical-stage biotechnology company pioneering a new approach to
treat complex diseases using compositions of endogenous metabolic
modulators (EMMs). The company’s product candidates are comprised
of EMMs and derivatives that are engineered in distinct
combinations and ratios to reset multiple biological pathways,
improve cellular energetics, and restore homeostasis. Axcella’s
pipeline includes lead therapeutic candidates in Phase 2
development for the treatment of Long COVID and non-alcoholic
steatohepatitis (NASH), and the reduction in risk of overt hepatic
encephalopathy (OHE) recurrence. The company’s unique model allows
for the evaluation of its EMM compositions through non-IND clinical
studies or IND clinical trials. For more information, please visit
www.axcellatx.com.
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Company Jason Fredette jfredette@axcellatx.com (857)
320-2236
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