SAN DIEGO, Nov. 30, 2021 /PRNewswire/ -- Regulus
Therapeutics Inc. (Nasdaq: RGLS), a biopharmaceutical company
focused on the discovery and development of innovative medicines
targeting microRNAs (the "Company" or "Regulus"), today announced
the closing of its previously announced private placement of
equity. The Company received gross proceeds of approximately
$34.6 million from the sale of
58,923,352 shares of the Company's common stock ("Common Stock") at
a purchase price of $0.36 per share.
In addition, the Company sold 3,725,720 shares of non-voting
Class A-4 convertible preferred stock, in lieu of shares of Common
Stock, at a price of $3.60 per
share. Each share of non-voting Class A-4 convertible
preferred stock is convertible into 10 shares of Common Stock,
subject to certain beneficial ownership conversion limitations. The
Company expects to use the net proceeds from the transaction for
non-clinical and clinical development activities for its product
candidates and general corporate purposes. SVB Leerink acted
as the lead placement agent for the financing. H.C.
Wainwright and Co. acted as co-placement agent for the
financing.
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The offer and sale of the foregoing securities were made in a
transaction not involving a public offering and have not been
registered under the Securities Act of 1933, as amended (the
"Securities Act"), or applicable state securities laws.
Accordingly, the securities may not be reoffered or resold in
the United States except pursuant
to an effective registration statement or an applicable exemption
from the registration requirements of the Securities Act and such
applicable state securities laws.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy the securities, nor shall there be
any sale of the securities in any state in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of such state.
Additional details regarding the private placement are included
in the current reports on Form 8-K filed with the Securities and
Exchange Commission on November 24,
2021 and November 30,
2021.
About Regulus
Regulus Therapeutics Inc. (Nasdaq: RGLS) is a biopharmaceutical
company focused on the discovery and development of innovative
medicines targeting microRNAs. Regulus has leveraged its
oligonucleotide drug discovery and development expertise to develop
a pipeline complemented by a rich intellectual property estate in
the microRNA field. Regulus maintains its corporate headquarters in
San Diego, CA.
Forward-Looking Statements
Statements contained in this press release regarding matters
that are not historical facts are "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995, including statements regarding Regulus's expected use of
the net proceeds from the private placement. Because such
statements are subject to risks and uncertainties, actual results
may differ materially from those expressed or implied by such
forward-looking statements. These forward-looking statements are
based upon Regulus' current expectations and involve assumptions
that may never materialize or may prove to be incorrect. Actual
results and the timing of events could differ materially from those
anticipated in such forward-looking statements as a result of
various risks and uncertainties, which include, without limitation,
risks associated with the development of biopharmaceutical products
and the Company's capital requirements. These and other risks are
described in additional detail under the heading "Risk Factors" of
the Company's Quarterly Report on 10-Q for the quarter ended
September 30, 2021, filed with the
Securities and Exchange Commission ("SEC") on November 12,
2021, and Regulus's other filings with the SEC. All forward-looking
statements contained in this press release speak only as of the
date on which they were made. Regulus undertakes no obligation to
update such statements to reflect events that occur or
circumstances that exist after the date on which they were
made.
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SOURCE Regulus Therapeutics Inc.