ContraVir Pharmaceuticals, Inc. Announces Pricing of $15.6 Million Public Offering
June 18 2019 - 8:45AM
ContraVir Pharmaceuticals, Inc. (“ContraVir,” the “Company,” “we,”
“our” or “us”) (NASDAQ:CTRV), a biopharmaceutical company focused
on the development of therapeutic drugs for the treatment of liver
disease arising from non-alcoholic steatohepatitis (NASH) and
chronic viral infection, today announced the pricing of a public
offering with expected total gross proceeds of approximately $15.6
million, before deducting placement agent fees and other offering
expenses payable by the Company.
Roth Capital Partners is acting as the lead placement agent for
the offering. Arcadia Securities, LLC is acting as co-placement
agent for the offering.
The securities offered by the Company consist of (i) Class A
Units each consisting of one share of Common Stock and one Warrant
to purchase one share of Common Stock at a combined price of $6.00
per Class A Unit, and (ii) Class B Units each consisting of one
share of Series E Convertible Preferred Stock, with a stated value
of $1,000 per share, and convertible into 167 shares of Common
Stock per share of Series E Convertible Preferred Stock, and a
Warrant to purchase 167 shares of Common Stock, at a combined price
of $1,000 per Class B Unit. The aggregate number of shares of
Common Stock to be issued pursuant to the Class A Units and
issuable upon conversion of all the Series E Convertible Preferred
Stock is 2,600,000. The aggregate number of Warrants to be issued
in the offering is 2,600,000. The Warrants will have an exercise
price of $6.00, will be exercisable upon issuance and will expire
five years from the date of issuance. The shares of Common Stock
and the accompanying Warrants included in the Class A Units and
Class B Units can only be purchased together in this offering but
will be issued separately and will be immediately separable upon
issuance. The offering is expected to close on June 20, 2019,
subject to customary closing conditions.
A registration statement relating to these securities has been
filed with the Securities and Exchange Commission (the “SEC”) and
was declared effective on June 17, 2019. A final prospectus
relating to the offering will be filed with the SEC and will be
available on the SEC’s web site at www.sec.gov. Copies of the
final prospectus relating to this offering may be obtained, when
available, by contacting Roth Capital Partners, LLC, Attention:
Equity Capital Markets, 888 San Clemente Drive, Suite 400, Newport
Beach, California 92660, by telephone at (800) 678-9147 or e-mail
at rothecm@roth.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy 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 ContraVir Pharmaceuticals
ContraVir is a clinical state biopharmaceutical company focused
on the development of targeted therapies for liver disease arising
from non-alcoholic steatohepatitis (NASH) and chronic hepatitis
infection (HBV, HCV, HDV). The company’s lead drug candidate is
CRV431, which reduces liver fibrosis and hepatocellular carcinoma
tumor burden in experimental models of NASH. Preclinical
studies also have demonstrated antiviral activities towards HBV,
HCV, and HDV through several mechanisms. These diverse therapeutic
activities result from CRV431’s potent inhibition of cyclophilin
enzymes, which are involved in many disease processes. Currently,
in clinical phase development, CRV431 shows potential in the
overall treatment of liver disease – from triggering events through
to end-stage disease. For more information, please visit
www.contravir.com.
Forward-Looking Statements
Certain statements in this press release are forward-looking
within the meaning of the Private Securities Litigation Reform Act
of 1995. These statements may be identified by the use of
forward-looking words such as “anticipate,” “believe,” “forecast,”
“estimated,” and “intend,” among others. These forward-looking
statements are based on ContraVir’s current expectations and actual
results could differ materially. There are a number of
factors that could cause actual events to differ materially from
those indicated by such forward-looking statements. These factors
include, but are not limited to, substantial competition; our
ability to continue as a going concern; our need for additional
financing; uncertainties of patent protection and litigation;
uncertainties with respect to lengthy and expensive clinical
trials, that results of earlier studies and trials may not be
predictive of future trial results; uncertainties of government or
third party payer reimbursement; limited sales and marketing
efforts and dependence upon third parties; and risks related to
failure to obtain FDA clearances or approvals and noncompliance
with FDA regulations. As with any drug candidates under
development, there are significant risks in the development,
regulatory approval, and commercialization of new products.
There are no guarantees that future clinical trials discussed in
this press release will be completed or successful, or that any
product will receive regulatory approval for any indication or
prove to be commercially successful. ContraVir does not
undertake an obligation to update or revise any forward-looking
statement. Investors should read the risk factors set forth in
ContraVir’s Form 10-K for the year ended December 30, 2018 and
other periodic reports filed with the Securities and Exchange
Commission.
For further information, please contact:
Stephen KilmerContraVir Investor Relations(646)
274-3580skilmer@contravir.com
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