Cerecor Inc. Announces Pricing of $33,000,000 Public Offering of Common Stock
June 09 2020 - 9:05AM
Cerecor Inc. (Nasdaq: CERC), a biopharmaceutical company focused on
becoming a leader in development and commercialization of
treatments for rare pediatric and orphan diseases, announced today
that it has entered into an underwriting agreement with Oppenheimer
& Co. Inc. under which the underwriter agreed to purchase, on a
firm commitment basis, 13,200,000 shares of common stock of the
Company, at a public offering price of $2.50 per share (the “Public
Offering Price”). The offering is expected to close on or about
June 11, 2020, subject to customary closing conditions.
Oppenheimer & Co. Inc. is acting as the sole
book-running manager for the offering.
The Company also has granted to the underwriter
a 30-day option to purchase up to an additional 1,980,000 shares of
common stock at the Public Offering Price to cover over-allotments
in the sales of the shares, if any. The gross proceeds to Cerecor
from this offering, before deducting underwriting discounts and
commissions and estimated offering expenses and excluding any
exercise of the underwriter’s option to purchase additional shares
of common stock, are expected to be approximately $33.0 million.
Assuming the full exercise of the over-allotment option, total
gross proceeds to Cerecor would be $37.95 million. Cerecor intends
to use the net proceeds of the offering for general corporate
purposes and working capital, primarily to support the ongoing
clinical development of key assets within its pipeline and for
general and administrative expenses.
The shares of common stock described above are
being offered by Cerecor pursuant to an effective shelf
registration statement on Form S-3 (File No. 333-233978),
previously filed with the U.S. Securities and Exchange Commission
(the “SEC”) on September 27, 2019 and declared effective on October
24, 2019, and the accompanying prospectus contained therein. The
offering of the shares of common stock is being made only by means
of a prospectus, including a prospectus supplement, forming a part
of the effective registration statement. A final prospectus
supplement and the accompanying prospectus relating to and
describing the terms of the offering will be filed with the SEC.
Copies of the final prospectus supplement and the accompanying
prospectus relating to this offering may be obtained on the SEC’s
website at http://www.sec.gov or by contacting Oppenheimer &
Co. Inc. at 85 Broad Street, 26th Floor, New York, NY 10004,
Attention: Equity Syndicate Prospectus Department, by e-mail at
equityprospectus@opco.com or by calling (212) 667-8055.
Before investing in the offering, you should
read in their entirety the prospectus supplement and the
accompanying prospectus and the other documents that Cerecor has
filed with the SEC that are incorporated by reference in the
prospectus supplement and the accompanying prospectus, which
provide more information about Cerecor and the offering.
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 Cerecor Inc.
Cerecor is a biopharmaceutical company focused
on becoming a leader in development and commercialization of
treatments for rare pediatric and orphan diseases. The Company is
advancing an emerging clinical-stage pipeline of innovative
therapies. The Company’s pediatric rare disease pipeline is led by
CERC-801, CERC-802 and CERC-803 (“CERC-800 programs”), which are
therapies for inborn errors of metabolism, specifically disorders
known as Congenital Disorders of Glycosylation (”CDGs”). The FDA
granted Rare Pediatric Disease Designation and Orphan Drug
Designation (“ODD”) to all three CERC-800 programs, thus
potentially qualifying the Company to receive a Priority Review
Voucher (“PRV”) upon approval of a new drug application (“NDA”).
The Company is also developing CERC-002, CERC-006 and CERC-007.
CERC-002 is an anti-LIGHT monoclonal antibody being developed for
the treatment of COVID-19 ARDS and Pediatric-onset Crohn’s Disease.
CERC-006 is a dual mTOR inhibitor being developed for the treatment
of complex Lymphatic Malformations. CERC-007 is an anti-IL-18
monoclonal antibody being developed for the treatment of autoimmune
inflammatory diseases such as Adult Onset Stills Disease (“AOSD”)
and Multiple Myeloma (“MM”).
For more information about Cerecor, please visit
www.cerecor.com.
Forward-Looking Statements
This press release may include forward-looking
statements made pursuant to the Private Securities Litigation
Reform Act of 1995. Forward-looking statements are statements that
are not historical facts. Such forward-looking statements are
subject to significant risks and uncertainties that are subject to
change based on various factors (many of which are beyond Cerecor’s
control), which could cause actual results to differ from the
forward-looking statements. Such statements may include, without
limitation, statements with respect to Cerecor’s plans, objectives,
projections, expectations and intentions and other statements
identified by words such as “projects,” “may,” “might,” “will,”
“could,” “would,” “should,” “continue,” “seeks,” “aims,”
“predicts,” “believes,” “expects,” “anticipates,” “estimates,”
“intends,” “plans,” “potential,” or similar expressions (including
their use in the negative), or by discussions of future matters
such as: the completion of the public offering, the development of
product candidates or products; timing and success of trial results
and regulatory review; potential attributes and benefits of product
candidates; and other statements that are not historical. These
statements are based upon the current beliefs and expectations of
Cerecor’s management but are subject to significant risks and
uncertainties, including: drug development costs, timing and other
risks, including reliance on investigators and enrollment of
patients in clinical trials, which might be slowed by the COVID-19
pandemic; regulatory risks; Cerecor's cash position and the need
for it to raise additional capital; general economic and market
risks and uncertainties, including those caused by the COVID-19
pandemic; and those other risks detailed in Cerecor’s filings with
the Securities and Exchange Commission. Actual results may differ
from those set forth in the forward-looking statements. Except as
required by applicable law, Cerecor expressly disclaims any
obligations or undertaking to release publicly any updates or
revisions to any forward-looking statements contained herein to
reflect any change in Cerecor’s expectations with respect thereto
or any change in events, conditions or circumstances on which any
statement is based.
For media and investor
inquiries
James HarrellInvestor RelationsChief Commercial
OfficerCerecor Inc.jharrell@cerecor.com623.439.2220 office
Cerecor (NASDAQ:CERC)
Historical Stock Chart
From Sep 2024 to Oct 2024
Cerecor (NASDAQ:CERC)
Historical Stock Chart
From Oct 2023 to Oct 2024