Cerecor Inc. Announces Closing of $37.95 Million Public Offering and Full Exercise of Underwriter’s Option to Purchase Addi...
June 11 2020 - 1:30PM
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
the closing of the previously announced underwritten offering of
15,180,000 shares of its common stock (inclusive of 1,980,000
shares that were sold pursuant to the underwriter’s full exercise
of its option to purchase additional shares of Cerecor’s common
stock), at a public offering price of $2.50 per share. Certain
insiders, including certain of the Company’s officers, purchased
shares of Cerecor common stock in the offering.
Oppenheimer & Co. Inc. acted as the sole
book-running manager for the offering.
The net proceeds to Cerecor from the offering
are expected to be approximately $35.4 million, after deducting
underwriting discounts and commissions and estimated offering
expenses. Cerecor intends to use the net proceeds of the offering
for working capital and general corporate purposes, which include
the funding of development of its product candidates, and general
and administrative expenses.
The shares of common stock described above were
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 was made by means of a prospectus,
including a prospectus supplement, forming a part of the effective
registration statement. A final prospectus relating to and
describing the terms of the offering has been filed with the SEC.
Copies of the final prospectus relating to the 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.
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 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
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