Iterum Therapeutics plc Announces $35.0 Million Registered Direct Offering of Ordinary Shares Priced At-the-Market under Nasd...
February 09 2021 - 11:58PM
Iterum Therapeutics plc (Nasdaq: ITRM) (the Company), a
clinical-stage pharmaceutical company focused on developing next
generation oral and IV antibiotics to treat infections caused by
multi-drug resistant pathogens in both community and hospital
settings, today announced that it has entered into definitive
agreements with several healthcare-focused institutional investors
for the purchase and sale of 17,500,000 of its ordinary shares at a
purchase price of $2.00 per ordinary share in a registered direct
offering priced at-the-market under Nasdaq rules. The offering is
expected to close on or about February 12, 2021, subject to the
satisfaction of customary closing conditions.
H.C. Wainwright & Co. is acting as the
exclusive placement agent for the offering.
The gross proceeds to the Company from the
offering are expected to be approximately $35.0 million, before
deducting the placement agent’s fees and other offering expenses
payable by the Company. The Company intends to use the net proceeds
from the offering to support the ongoing review of its New Drug
Application (NDA) for the treatment of uncomplicated urinary tract
infections (uUTI) in patients with a quinolone non-susceptible
pathogen, for pre-commercialization and potential launch activities
for oral sulopenem, continued clinical development of sulopenem in
additional indications, and for working capital and general
corporate purposes.
The shares described above are being offered and
sold in this offering pursuant to a shelf registration statement on
Form S-3 (File No. 333-232569) that was filed with the Securities
and Exchange Commission (the “SEC”) and was declared effective on
July 16, 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, 430 Park Avenue, 3rd Floor, New York, NY
10022, or by telephone at (646) 975-6996, or email at
placements@hcwco.com.
This press release does not constitute an offer
to sell, or a 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 Iterum Therapeutics plcIterum
Therapeutics plc is a clinical-stage pharmaceutical company
dedicated to developing differentiated anti-infectives aimed at
combatting the global crisis of multi-drug resistant pathogens to
significantly improve the lives of people affected by serious and
life-threatening diseases around the world. Iterum Therapeutics is
advancing its first compound, sulopenem, a novel penem
anti-infective compound, in Phase 3 clinical development with an
oral formulation and IV formulation. Sulopenem has demonstrated
potent in vitro activity against a wide variety of gram-negative,
gram-positive and anaerobic bacteria resistant to other
antibiotics. Iterum Therapeutics has received Qualified Infectious
Disease Product (QIDP) and Fast Track designations for its oral and
IV formulations of sulopenem in seven indications.
Forward-Looking Statements
This press release contains forward-looking
statements. These forward-looking statements include, without
limitation, statements regarding, the anticipated closing of the
offering, the use of proceeds from the offering, and the Company’s
plans, strategies and prospects for its business. In some cases,
forward-looking statements can be identified by words such as
“may,” “believes,” “intends,” “seeks,” “anticipates,” “plans,”
“estimates,” “expects,” “should,” “assumes,” “continues,” “could,”
“would,” “will,” “future,” “potential” or the negative of these or
similar terms and phrases. Forward-looking statements involve known
and unknown risks, uncertainties and other factors that may cause
the Company’s actual results, performance or achievements to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements. Forward-looking statements include all matters that are
not historical facts. Actual future results may be materially
different from what is expected due to factors largely outside the
Company’s control, including the uncertainties inherent in the
initiation and conduct of clinical trials, availability and timing
of data from clinical trials, changes in regulatory requirements or
decisions of regulatory authorities, the timing of approval of any
submission, changes in public policy or legislation,
commercialization plans and timelines, if oral sulopenem is
approved, the actions of third-party clinical research
organizations, suppliers and manufacturers, the accuracy of the
Company’s expectations regarding how far into the future the
Company’s cash on hand will fund the Company’s ongoing operations,
the impact of COVID-19 and related responsive measures thereto, the
Company’s ability to maintain listing on the Nasdaq Capital Market,
risks and uncertainties concerning the outcome, impact, effects and
results of the Company’s evaluation of corporate, organizational,
strategic, financial and financing alternatives, including the
terms, timing, structure, value, benefits and costs of any
corporate, organizational, strategic, financial or financing
alternative and the Company’s ability to complete one at all, the
price of the Company’s securities, the expected use of proceeds
from the offering and other factors discussed in the Company’s most
recently filed Quarterly Report on Form 10-Q, and other documents
filed with the SEC from time to time. Forward-looking statements
represent the Company’s beliefs and assumptions only as of the date
of this press release. Except as required by law, the Company
assumes no obligation to update these forward-looking statements
publicly, or to update the reasons actual results could differ
materially from those anticipated in the forward-looking
statements, even if new information becomes available in the
future.
CONTACT:
Judy MatthewsChief Financial
Officer312-778-6073IR@iterumtx.com
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