Cassava Sciences Announces Proposed Public Offering of Common Stock
November 12 2020 - 4:48PM
Cassava Sciences, Inc. (Nasdaq: SAVA) (the “Company” or “Cassava
Sciences”), a clinical-stage biotechnology company focused on
Alzheimer’s disease, today announced that it is commencing an
underwritten public offering of shares of its common stock. The
offering is subject to market and other conditions, and there can
be no assurance as to whether or when the offering may be
completed, or the actual size or terms of the offering. The Company
expects to grant the underwriters a 30‐day option to purchase up to
an additional 15 percent of the shares of common stock offered in
the public offering.
Cantor Fitzgerald & Co. is acting as sole
book-running manager for the proposed offering.
Cassava Sciences intends to use the net
proceeds, if any, from the sale of the shares of common stock in
the offering to fund a Phase 3 clinical program of sumifilam, the
Company’s lead drug candidate, in patients with Alzheimer’s
disease, for research and development for the Company’s product
candidates and for general corporate purposes.
The securities described above are being offered
by the Company pursuant to a “shelf” registration statement on
Form S-3 (File No. 333-237452) relating to the public offering
of such securities, which was filed with the U.S. Securities and
Exchange Commission (the “SEC”) on March 27, 2020 and declared
effective by the SEC on May 5, 2020. The offering may be made only
by a preliminary prospectus supplement and the accompanying
prospectus. Before investing in the offering, you should read in
their entirety the preliminary prospectus supplement, when
available, and the accompanying prospectus and the other documents
that the Company has filed with the SEC that are incorporated by
reference in the preliminary prospectus supplement and the
accompanying prospectus, which provide more information about the
Company and the offering.
A preliminary prospectus supplement and the
accompanying prospectus relating to and describing the terms of the
offering will be filed with the SEC and will be available on the
SEC’s website at www.sec.gov. Copies of the preliminary prospectus
supplement, when available, and the accompanying prospectus
relating to these securities may also be obtained by sending a
request to: Cantor Fitzgerald & Co., Attn: Capital Markets, 499
Park Avenue, 6th Floor, New York, NY 10022, or by email at
prospectus@cantor.com.
This press release does not constitute an offer
to sell or a solicitation of an offer to buy any of 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 any such state or jurisdiction.
About Cassava Sciences,
Inc.
Cassava Sciences’ mission is to discover and
develop innovations for chronic, neurodegenerative conditions. Over
the past 10 years, Cassava Sciences has combined state-of-the-art
technology with new insights in neurobiology to develop novel
solutions for Alzheimer’s disease.
For More Information
Contact:
Eric Schoen, Chief Financial OfficerCassava
Sciences, Inc.eschoen@CassavaSciences.com(512) 501-2450
Forward-Looking Statements
Any statements contained in this press release
that do not describe historical facts may constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, as amended.
Forward-looking statements may include, without limitation,
statements regarding (i) the terms of the proposed public offering,
(ii) expected use of the proceeds of the proposed public offering
and (iii) the assumptions underlying or relating to any statement
described in points (i) and (ii). Such forward-looking statements
are not meant to predict or guarantee actual results, performance,
events or circumstances and may not be realized because they are
based upon the Company’s current projections, plans, objectives,
beliefs, expectations, estimates and assumptions and are subject to
a number of risks and uncertainties and other influences, many of
which the Company has no control over. Actual results and the
timing of certain events and circumstances may differ materially
from those described by the forward-looking statements as a result
of these risks and uncertainties. Factors that may influence or
contribute to the inaccuracy of the forward-looking statements or
cause actual results to differ materially from expected or desired
results may include, without limitation, unfavorable market
conditions, occurrence of force majeure, inability of one or more
underwriters to participate in the proposed public offering, the
Company’s inability to obtain adequate financing to fund its
operations and necessary to develop or enhance its products, the
Company’s ability to conduct or complete clinical studies on
expected timelines, the Company’s ability to demonstrate the
specificity, safety, efficacy or potential health benefits of its
product candidates, the severity and duration of health care
precautions given the COVID-19 pandemic and unanticipated impacts
of the pandemic on the Company’s business operations. These and
other factors are identified and described in more detail in the
prospectus supplement to be filed with the SEC in connection with
the proposed public offering, including the Company’s Annual Report
on Form 10-K for the year ended December 31, 2019 and Quarterly
Report on Form 10-Q for the nine months ended September 30, 2020,
which will be incorporated by reference in such preliminary
prospectus supplement, and the other documents incorporated by
reference in such preliminary prospectus supplement and Company’s
other filings with the SEC. The Company does not undertake to
update these forward-looking statements.
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