Esperion Prices Public Offering of Common Stock
August 09 2017 - 9:20PM
Esperion Therapeutics, Inc. (NASDAQ:ESPR), the Lipid Management
Company focused on developing and commercializing convenient,
complementary, cost-effective, once-daily, oral therapies for the
treatment of patients with elevated low density lipoprotein
cholesterol (LDL-C), today announced the pricing of an underwritten
public offering of 3,100,000 shares of its common stock, offered at
a price to the public of $49.00 per share. The gross proceeds from
this offering to Esperion are expected to be $151.9 million, before
deducting underwriting discounts and commissions and estimated
offering expenses payable by Esperion. Esperion has granted the
underwriters a 30-day option to purchase up to an additional
465,000 shares of its common stock. The offering is expected to
close on or about August 15, 2017, subject to customary closing
conditions.
Esperion intends to use the net proceeds from
the offering, as well as its other existing capital resources, to
continue to fund the CLEAR Outcomes cardiovascular outcomes trial
for patients with hypercholesterolemia and with atherosclerotic
cardiovascular disease and/or heterozygous familial
hypercholesterolemia, or who are at high risk for cardiovascular
disease, and who are only able to tolerate less than the lowest
approved daily starting doses of a statin and can be considered
statin intolerant; support the New Drug Application and Marketing
Authorization Application submission activities and its operations
through regulatory approvals for LDL-C lowering indications for the
bempedoic acid / ezetimibe combination pill and bempedoic acid;
support pre-commercial launch activities for the bempedoic acid /
ezetimibe combination pill and bempedoic acid; initiate development
activities for a reformulated tablet of bempedoic acid for
nonalcoholic steatohepatitis (NASH) indications; and for working
capital and general corporate and administrative expenses.
Jefferies LLC, Cowen and UBS Investment Bank are
acting as joint book-running managers for the proposed offering.
JMP Securities, Stifel and Needham & Company are acting as
co-managers.
The securities described above are being offered
by Esperion pursuant to a shelf registration statement on Form S-3
(No. 333-208701) including a base prospectus. The securities may be
offered only by means of a prospectus. A preliminary prospectus
supplement related to the offering was filed with the SEC on August
8, 2017 and a final prospectus supplement related to the offering
will be filed with the SEC and will be available on the SEC's
website located at www.sec.gov. Copies of the final prospectus
supplement and the accompanying prospectus relating to the
securities being offered, when available, may also be obtained by
contacting Jefferies LLC, Attention: Equity Syndicate Prospectus
Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, or
by telephone at (877) 821-7388, or by email at
Prospectus_Department@Jefferies.com; or Cowen and Company, LLC, c/o
Broadridge Financial Services, 1155 Long Island Avenue, Edgewood,
NY 11717, Attention: Prospectus Department, or by phone at (631)
274-2806; or UBS Securities LLC, Attention: Prospectus Department,
1285 Avenue of the Americas, New York, New York 10019, telephone:
(888) 827-7275.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy these securities,
nor shall there be any sale of these securities in any jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities laws of
any such jurisdiction.
The Lipid Management Company
Esperion Therapeutics, Inc. is the Lipid
Management Company committed to developing and commercializing
convenient, complementary, cost-effective, once-daily, oral
therapies for the treatment of patients with elevated LDL-C.
Forward-Looking Statements
This press release contains forward-looking
statements that are made pursuant to the safe harbor provisions of
the federal securities laws, including statements regarding the
regulatory approval pathway for the bempedoic acid / ezetimibe
combination and bempedoic acid and the therapeutic potential of,
clinical development plan for, the bempedoic acid / ezetimibe
combination and bempedoic acid and statements pertaining to our
expectations regarding the completion and anticipated proceeds of
the proposed public offering. These statements are based on
management's current expectations and accordingly are subject to
uncertainty and changes in circumstances. Actual results could
differ materially from those anticipated due to certain risks and
uncertainties including, without limitation, risks and
uncertainties related to market conditions and satisfaction of
customary closing conditions related to the public offering. There
can be no assurance that Esperion will be able to complete the
public offering on the anticipated terms, or at all. Any express or
implied statements contained in this press release that are not
statements of historical fact may be deemed to be forward-looking
statements. Forward-looking statements involve risks and
uncertainties that could cause Esperion’s actual results to differ
significantly from those projected, including, without limitation,
delays or failures in the company’s studies, that existing cash
resources may be used more quickly than anticipated, that our
ongoing and planned clinical studies may not produce sufficient
safety and tolerability results or show meaningful change in LDL-C
or other efficacy measures, that other unanticipated developments
or data could interfere with the scope of development and
commercialization of the bempedoic acid / ezetimibe combination and
bempedoic acid, as well as other risks detailed in Esperion’s
filings with the Securities and Exchange Commission, including our
Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. You
are cautioned not to place undue reliance on the forward-looking
statements, which speak only as of the date of this release.
Esperion disclaims any obligation or undertaking to update or
revise any forward-looking statements contained in this press
release, other than to the extent required by law.
Media Contact:
Elliot Fox
W2O Group
212.257.6724
efox@w2ogroup.com
Investor Contact:
Mindy Lowe
Esperion Therapeutics, Inc.
734.887.3903
mlowe@esperion.com
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