Esperion Announces Closing of $56.7 Million Registered Direct Offering Priced At-The-Market Under Nasdaq Rules
March 22 2023 - 4:15PM
Esperion (NASDAQ: ESPR) (“Esperion” or the “Company”) today
announced the closing of its previously announced registered direct
offering of an aggregate of 33,170,747 shares of its common stock
(or common stock equivalents in lieu thereof) and short-term
warrants to purchase up to an aggregate of 33,170,747 shares of
common stock priced at-the-market under Nasdaq rules. Each share of
common stock (or common stock equivalent in lieu thereof) was sold
together with one short-term warrant to purchase one share of
common stock at an effective combined purchase price of $1.675. The
short-term warrants are immediately exercisable for a period of
three and one half years and have an exercise price of $1.55 per
share.
H.C. Wainwright & Co. acted as the exclusive
placement agent for the offering.
The total gross proceeds from the offering were
approximately $56.7 million. Esperion intends to use the net
proceeds of this offering for general corporate purposes.
The securities described above were offered by
Esperion pursuant to a shelf registration statement on Form S-3
(File No. 333-264303) that was originally filed with the Securities
and Exchange Commission (the “SEC”) on April 15, 2022 and
subsequently declared effective on April 26, 2022. The securities
were offered only by means of a prospectus, including a prospectus
supplement, forming a part of the effective registration statement.
A final prospectus supplement and accompanying base prospectus
relating to, and describing the terms of, the offering has been
filed with the SEC and is available on the SEC’s website at
www.sec.gov. Electronic copies of the final prospectus supplement
and the accompanying base prospectus may also be obtained by
contacting H.C. Wainwright & Co., LLC, at 430 Park Ave., New
York, New York 10022, by telephone at (212) 856-5711, or by email
at placements@hcwco.com.
In connection with the offering, the Company
also amended certain existing warrants to purchase up to an
aggregate of 9,024,212 shares of the Company's common stock that
were previously issued in December 2021 at an exercise price of
$9.00 per share and had an expiration date of December 7, 2023,
such that the amended warrants have a reduced exercise price of
$1.55 per share and expire three and one half years following the
closing of the offering, at an additional offering price of $0.125
per amended warrant.
This press release does not constitute an offer
to sell or a solicitation of an offer to buy the securities in this
offering, nor shall there be any sale of these securities in any
state or other jurisdiction in which such offer, solicitation or
sale would be unlawful prior to the registration or qualification
under the securities laws of any such state or other
jurisdiction.
Esperion Therapeutics
At Esperion, we discover, develop, and
commercialize innovative medicines to help improve outcomes for
patients with or at risk for cardiovascular and cardiometabolic
diseases. The status quo is not meeting the health needs of
millions of people with high cholesterol – that is why our team of
passionate industry leaders is breaking through the barriers that
prevent patients from reaching their goals. Providers are moving
toward reducing LDL-cholesterol levels as low as possible, as soon
as possible; we provide the next steps to help get patients there.
Because when it comes to high cholesterol, getting to goal is not
optional. It is our life’s work. For more information, visit
esperion.com and esperionscience.com and follow us on Twitter at
twitter.com/EsperionInc.
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
intended use of proceeds from the offering, expected operational
expenses, expected revenue of our commercial products, future
operations, expected milestone payments from partners, commercial
products and expected growth, clinical development and regulatory
submissions, and other statements containing the words
“anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,”
“plan,” “predict,” “project,” “suggest,” “target,” “potential,”
“will,” “would,” “could,” “should,” “continue,” and similar
expressions. 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, market and other conditions, the impact of the
ongoing COVID-19 pandemic on our business, revenues, results of
operations and financial condition, the net sales, profitability,
and growth of Esperion’s commercial products, clinical activities
and results, supply chain, commercial development and launch plans,
and the risks detailed in Esperion’s filings with the Securities
and Exchange Commission. Any forward-looking statements contained
in this press release speak only as of the date hereof, and
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.
Contact:
Esperion Corporate Communicationscorporateteam@esperion.com
Esperion Therapeutics (NASDAQ:ESPR)
Historical Stock Chart
From May 2024 to Jun 2024
Esperion Therapeutics (NASDAQ:ESPR)
Historical Stock Chart
From Jun 2023 to Jun 2024