Intec Pharma Announces $5.0 Million Registered Direct Offering
May 04 2020 - 3:33PM
Intec Pharma Ltd. (NASDAQ: NTEC) (“Intec” or “the Company”), today
announced that it has entered into definitive agreements with
several institutional and accredited investors for the purchase and
sale of 16,291,952 of the Company’s ordinary shares, at a purchase
price of $0.30690 per share, in a registered direct offering. Intec
has also agreed to issue to the investors unregistered warrants to
purchase up to an aggregate of 8,145,976 ordinary shares. The
offering is expected to close on or about May 6, 2020, subject to
satisfaction of customary closing conditions.
H.C. Wainwright & Co. is acting as the
exclusive placement agent for the offering.
The warrants will have a term of five and
one-half years, be exercisable immediately and have an exercise
price of $0.245 per ordinary share.
The gross proceeds to Intec from this offering
are expected to be approximately $5.0 million, before deducting the
placement agent’s fees and other offering expenses. The Company
intends to use the net proceeds from the offering to fund its
research and development activities and for working capital and
general corporate purposes.
The ordinary shares (but not the warrants or the
ordinary shares underlying the warrants) are being offered by Intec
pursuant to a “shelf” registration statement on Form S-3 (File No.
333-230016) previously filed with the Securities and Exchange
Commission (the “SEC”) on March 1, 2019 and declared
effective by the SEC on March 28, 2019. The offering of the
ordinary shares will be made only by means of a prospectus,
including a prospectus supplement, forming a part of the effective
registration statement. A final prospectus supplement and
accompanying prospectus relating to the ordinary shares being
offered will be filed with the SEC. Electronic copies of the
final prospectus supplement and accompanying prospectus may be
obtained, when available, on the SEC's website
at http://www.sec.gov or by contacting H.C.
Wainwright & Co., LLC at 430 Park Avenue, 3rd
Floor, New York, NY 10022, by phone at (646) 975-6996 or
e-mail at placements@hcwco.com.
The warrants described above were offered in a
private placement under Section 4(a)(2) of the Securities Act of
1933, as amended (the “Act”), and Regulation D promulgated
thereunder and, along with the ordinary shares underlying the
warrants, have not been registered under the Act, or applicable
state securities laws. Accordingly, the warrants and underlying
ordinary shares may not be offered or sold in the United
States except pursuant to an effective registration statement
or an applicable exemption from the registration requirements of
the Act and such applicable state securities laws. 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 Intec Pharma
Ltd.
Intec Pharma is a clinical-stage
biopharmaceutical company focused on developing drugs based on its
proprietary Accordion Pill platform technology. The Company’s
Accordion Pill is an oral drug delivery system that is designed to
improve the efficacy and safety of existing drugs and drugs in
development by utilizing an efficient gastric retention and
specific release mechanism. The Company’s product pipeline includes
two product candidates in clinical trial stages: Accordion Pill
Carbidopa/Levodopa, or AP-CD/LD, which is in late-stage Phase 3
development for the treatment of Parkinson’s disease symptoms in
advanced Parkinson’s disease patients, and AP-cannabinoids, an
Accordion Pill to deliver either or both of the primary
cannabinoids contained in Cannabis sativa, cannabidiol (CBD) and
tetrahydrocannabinol (THC) for various pain indications. In
addition, the Company has a research collaboration with Merck
& Co.
For more information,
visit www.intecpharma.com. Intec Pharma routinely
posts information that may be important to investors in the
Investor Relations section of its website.
Cautionary Note Regarding Forward-Looking
Statements
This press release contains forward
looking statements about our expectations, beliefs and intentions.
Forward-looking statements can be identified by the use of
forward-looking words such as “believe”, “expect”, “intend”,
“plan”, “may”, “should”, “could”, “might”, “seek”, “target”,
“will”, “project”, “forecast”, “continue” or “anticipate” or their
negatives or variations of these words or other comparable words or
by the fact that these statements do not relate strictly to
historical matters. These forward-looking statements are based on
assumptions and assessments made in light of management’s
experience and perception of historical trends, current conditions,
expected future developments and other factors believed to be
appropriate. Forward-looking statements in this press release are
made as of the date of this press release, and we undertake no duty
to update or revise any such statements, whether as a result of new
information, future events or otherwise, except as required by law.
Forward-looking statements are not guarantees of future performance
and are subject to risks and uncertainties, many of which are
outside of our control. Many factors could cause our actual
activities or results to differ materially from the activities and
results anticipated in forward-looking statements, including, but
not limited to, the following: market and other conditions, the
completion of the registered direct offering, the satisfaction of
customary closing conditions related to the registered direct
offering and the intended use of net proceeds from the registered
direct offering, our limited operating history and history of
operating losses, our ability to continue as a going concern, our
ability to obtain additional financing, our ability to successfully
operate our business or execute our business plan, the timing and
cost of our clinical trials, the completion and receiving favorable
results in our clinical trials, our ability to obtain and maintain
regulatory approval of our product candidates, our ability to
protect and maintain our intellectual property and licensing
arrangements, our ability to develop, manufacture and commercialize
our product candidates, the risk of product liability claims, the
availability of reimbursement, and the influence of extensive and
costly government regulation. More detailed information about the
risks and uncertainties affecting us is contained under the heading
“Risk Factors” included in our most recent Annual Report on Form
10-K filed with the SEC on March 13, 2020, and in other filings
that we have made and may make with the Securities and Exchange
Commission in the future.
Intec Pharma Investor Contact:
Will O’Connor Stern IR +1 212-362-1200
will@sternir.com
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