Reata Pharmaceuticals, Inc. Announces Closing of Class A Common Stock Public Offering and Full Exercise of Underwriters’ Op...
November 18 2019 - 11:15AM
Reata Pharmaceuticals, Inc. (Nasdaq: RETA)
(“Reata” or the “Company”), a clinical-stage biopharmaceutical
company, today announced the closing of its previously announced
underwritten public offering of 2,760,000 shares of its Class A
common stock, which included 360,000 shares sold pursuant to the
underwriters’ full exercise of their option to purchase additional
shares, at a price to the public of $183.00 per share. The
gross proceeds to Reata from the offering, before deducting
underwriting discounts and commissions and other offering expenses,
are expected to be approximately $505.1 million.
Citigroup, Jefferies, SVB Leerink and Stifel acted as the joint
book-running managers for the offering. Baird, Cantor and
Ladenburg Thalmann acted as the co-managers for the offering.
Reata intends to use the net proceeds from the offering for
working capital and general corporate purposes, which include, but
are not limited to, advancing the development of bardoxolone methyl
and omaveloxolone through clinical trials, preparing to file New
Drug Applications for bardoxolone for the treatment of patients
with Alport syndrome and omaveloxolone for the treatment of
patients with Friederich’s ataxia, planning for commercialization
of its potential products, and making payments due under our
agreement with AbbVie Inc.
The securities described above were offered pursuant to an
automatically effective shelf registration statement on Form S-3
that was filed with the Securities and Exchange Commission (the
“SEC”) on July 23, 2018. The offering was conducted only by means
of a written prospectus and prospectus supplement that form a part
of the registration statement. A final prospectus supplement and
accompanying prospectus relating to the offering have been filed
with the SEC and are available on the SEC’s website at www.sec.gov.
Copies of the final prospectus supplement and the accompanying
prospectus may also be obtained by request at Citigroup, c/o
Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood,
NY 11717 (Tel: 800-831-9146); at Jefferies, Attention: Equity
Syndicate Prospectus Departments, 520 Madison Avenue, 2nd Floor,
New York, NY 10022, by phone at (877) 821-7388, or by email at
Prospectus_Department@Jefferies.com; at SVB Leerink, Attention:
Syndicate Department, One Federal Street, 37th Floor, Boston, MA
02110, by telephone at 1-800-808-7525, ext. 6132, or by email at
syndicate@svbleerink.com; or Stifel, Attention: Syndicate, One
Montgomery Street, Suite 3700, San Francisco, CA 94104, or by
telephone at (415) 364-2720, or by email at
syndprospectus@stifel.com.
This news release is for informational purposes only and shall
not constitute an offer to sell or the solicitation of an offer to
buy, nor shall there be any sale of these securities, in any state
or jurisdiction in which such offer, solicitation, or sale of these
securities would be unlawful prior to registration or qualification
under the securities laws of any such state or jurisdiction.
About Reata Pharmaceuticals,
Inc.
Reata is a clinical-stage biopharmaceutical
company that develops novel therapeutics for patients with serious
or life-threatening diseases by targeting molecular pathways
involved in the regulation of cellular metabolism and inflammation.
Reata’s two most advanced clinical candidates, bardoxolone methyl
(bardoxolone) and omaveloxolone, target the important transcription
factor Nrf2 that promotes the resolution of inflammation by
restoring mitochondrial function, reducing oxidative stress, and
inhibiting pro-inflammatory signaling. Bardoxolone and
omaveloxolone are investigational drugs, and their safety and
efficacy have not been established by any agency.
Forward-Looking Statements
This press release includes certain disclosures
that contain “forward-looking statements,” including, without
limitation, statements regarding the anticipated use of net
proceeds of the offering, the success, cost and timing of our
product development activities and clinical trials, our plans to
research, develop and commercialize our product candidates, our
plans to submit regulatory filings, and our ability to obtain and
retain regulatory approval of our product candidates. You can
identify forward-looking statements because they contain words such
as “believes,” “will,” “may,” “aims,” “plans” “model,” and
“expects.” Forward-looking statements are based on Reata’s
current expectations and assumptions. Because forward-looking
statements relate to the future, they are subject to inherent
uncertainties, risks, and changes in circumstances that may differ
materially from those contemplated by the forward-looking
statements, which are neither statements of historical fact nor
guarantees or assurances of future performance. Important
factors that could cause actual results to differ materially from
those in the forward-looking statements include, but are not
limited to, (i) the uncertainties related to market conditions and
the completion of the public offering on the anticipated terms or
at all; (ii) the timing, costs, conduct, and outcome of our conical
trials and future preclinical studies and clinical trials,
including the timing of the initiation and availability of data
from such trials; (iii) the timing and likelihood of regulatory
filings and approvals for our product candidates; (iv) whether
regulatory authorities determine that additional trials or data are
necessary in order to obtain approval; (v) the potential market
size and the size of the patient populations for our product
candidates, if approved for commercial use, and the market
opportunities for our product candidates; and (vi) other factors
set forth in Reata’s filings with the U.S. Securities and Exchange
Commission, including its Annual Report on Form 10-K for the year
ended December 31, 2018 and Quarterly Reports on Form 10-Q for the
quarter ended June 30, 2019, under the caption “Risk
Factors.” The forward-looking statements speak only as of the
date made and, other than as required by law, we undertake no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events,
or otherwise.
Contacts
Corporate:Reata
Pharmaceuticals, Inc.(972) 865-2219info@reatapharma.com
Investor Relations:Vinny
JindalVice President, Strategy(469) 374-8721ir@reatapharma.com
Media:Matt Middleman, M.D.LifeSci Public
Relations(646)
627-8384matt.middleman@lifescipublicrelations.com
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