Intec Pharma Announces Pricing of $4.9 Million Registered Direct Offering
August 07 2020 - 4:28PM
Intec Pharma Ltd. (NASDAQ: NTEC) (“Intec” or “the Company”), today
announced that it has entered into a definitive agreement with
Aspire Capital Fund (“Aspire”) for the purchase and sale, in a
registered direct offering, of 7,125,000 of the Company’s ordinary
shares at a purchase price of $0.3511 per share, and pre-funded
warrants to purchase 7,125,000 of the Company’s ordinary shares at
a purchase price of $0.3411 per warrant, which represents the per
warrant offering price less the $0.01 per share exercise price for
each such warrant. The offering is expected to close on or about
August 10, 2020, subject to satisfaction of customary closing
conditions.
The gross proceeds to Intec from this offering
are expected to be approximately $4.9 million, before deducting a
commitment fee payable to Aspire of $250,000 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, the pre-funded warrants and
the ordinary shares underlying the pre-funded 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 securities 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. 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 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
212-362-1200will@sternir.com
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