Cassava Sciences Announces $50 Million Registered Direct Offering of Common Stock
November 18 2022 - 1:30PM
Cassava Sciences, Inc. (Nasdaq: SAVA) (the “Company” or “Cassava
Sciences”), a clinical-stage biotechnology company focused on
Alzheimer’s disease, today announced that it has entered into a
definitive agreement with several healthcare-focused and other
institutional investors for the purchase of 1,666,667 shares of its
common stock, at a purchase price of $30 per share, for gross
proceeds of approximately $50 million, in a registered direct
offering. The closing of the offering is expected to occur on or
about November 22, 2022, subject to the satisfaction of
customary closing conditions.
H.C. Wainwright & Co. is acting as the exclusive
placement agent for the offering.
Cassava Sciences intends to use the net proceeds from this
offering for working capital and general corporate purposes,
including development of simufilam, the Company’s lead drug
candidate for the treatment of Alzheimer’s disease.
The shares of common stock are being offered by Cassava Sciences
pursuant to an automatic "shelf" registration statement on Form
S-3, which was filed with the U.S. Securities and Exchange
Commission (the “SEC”) on February 10, 2021 and became
effective immediately upon filing, and the prospectus contained
therein. The offering will be made only by means of a prospectus
supplement that forms a part of the registration statement.
A prospectus supplement and accompanying prospectus relating to
the shares of common stock being offered will be filed with the
SEC. Electronic copies of the final prospectus supplement and
accompanying prospectus may be obtained, when available, on the
SEC's website at http://www.sec.gov or by
contacting H.C. Wainwright & Co., LLC at 430 Park
Avenue, 3rd Floor, New York, NY 10022, by phone at (212)
856-5711 or e-mail at placements@hcwco.com.
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 Cassava Sciences, Inc.Cassava Sciences,
Inc. is a clinical-stage biotechnology company based in Austin,
Texas. Our mission is to detect and treat neurodegenerative
diseases, such as Alzheimer’s disease. Our novel science is based
on stabilizing—but not removing—a critical protein in the brain.
The Company’s product candidates have not been approved by any
regulatory authority and their safety, efficacy or other desirable
attributes have not been established.
For More Information Contact:Eric Schoen, Chief
Financial OfficerCassava Sciences,
Inc.eschoen@CassavaSciences.com(512) 501-2450
Cautionary Note Regarding Forward-Looking
StatementsAny 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 expected completion and use of
proceeds of the registered direct offering, and (ii) the
assumptions underlying or relating to any statement under clause
(i). 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 those 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 and other
conditions, failure to satisfy closing conditions relating to the
offering, occurrence of force majeure, 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. In addition, drug development involves a high degree of
risk, and only a small number of research and development programs
result in commercialization of a product. Our interim data and
analysis should not be relied upon as predictive of full study
results for any of our study. Our clinical results from
earlier-stage clinical trials may not be indicative of full results
or results from later-stage or larger scale clinical trials and do
not ensure regulatory approval. You should not place undue reliance
on these statements or any scientific data we present or
publish.
These and other risk 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 most recently filed Annual Report on Form
10-K and any subsequently filed Quarterly Report on Form 10-Q,
which will be incorporated by reference in such prospectus
supplement, and the other documents incorporated by reference in
such prospectus supplement and Company’s other filings with the
SEC, which are available on the SEC's website at www.sec.gov. The
Company does not undertake to update these forward-looking
statements, except as required by law.
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