SAN DIEGO and VANCOUVER, British Columbia, Aug. 26 2016 /PRNewswire/ -- Sophiris Bio
Inc. (NASDAQ: SPHS) (the "Company"), a biopharmaceutical company
developing topsalysin (PRX302) for the treatment of urological
diseases, today announced that it has closed its previously
announced underwritten public offering. The terms of the
completed offering are consistent with the terms which were
outlined in the Company's press release on August 23, 2016.
Piper Jaffray & Co. is acted
as sole book-running manager for the offering. Maxim Group LLC is
acted as co-manager for the offering.
With the proceeds from the offering, the Company plans to
conduct a second Phase 2 clinical trial of topsalysin for the
treatment of localized prostate cancer. Consistent with its
recently completed proof of concept trial, this new trial will
utilize previously obtained MRI images of a patient's prostate
mapped to real time 3D ultrasound to target the delivery of
topsalysin directly into and around a pre-identified clinically
significant tumor. The primary objectives of the trial will be
safety and tolerability of topsalysin when used to focally treat a
targeted clinically significant tumor with potential efficacy
assessed by targeted biopsy of the treated area, six months after
treatment. The Company expects that this clinical trial will enroll
approximately 40 patients at two or more trial sites and the
Company is exploring potential trial sites in the United States. The Company expects to have
six month biopsy data from the trial in the second half of
2017.
The Company will also use the proceeds from the offering for
working capital and general corporate purposes, which may include
research and development expenses, general and administrative
expenses, manufacturing expenses and the payment of monthly
principal and interest payments to Oxford Financial LLC. The
Company believes that its cash, cash equivalents and short-term
investments, together with the net proceeds from the offering, will
fund its operations into at least the second quarter of 2018.
The offering was made by the Company pursuant to an effective
shelf registration statement filed by the Company with
the Securities and Exchange Commission ("SEC") that
became effective on October 3, 2014. A final prospectus
supplement and accompanying prospectus related to the offering have
been filed with the SEC and are available on
the SEC's website located
at http://www.sec.gov. Copies of the final prospectus
supplement and the accompanying prospectus related to this offering
may be obtained from Piper Jaffray & Co., by mail at
Attention: Prospectus Department, 800 Nicollet Mall,
J12S03, Minneapolis, MN 55402, by telephone at (800)
747-3924 or by email at prospectus@pjc.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy securities, nor shall there be any
sale of securities in any state or other jurisdiction in which such
offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
state or other jurisdiction.
About Sophiris
Sophiris Bio Inc. is a biopharmaceutical company developing
topsalysin, a clinical-stage, targeted therapy for the treatment of
urological diseases. Topsalysin has successfully completed a Phase
3 clinical trial for the treatment of the symptoms of benign
prostatic hyperplasia (BPH), and is designed to be as efficacious
as pharmaceuticals, less invasive than the surgical interventions,
and without the sexual side effects seen with existing treatments.
Topsalysin has also successfully completed a Phase 2a clinical
trial for the treatment of localized low to intermediate risk
prostate cancer. For more information, please visit
www.sophirisbio.com.
Safe Harbor / Forward-Looking Statements
Statements in this press release that are not strictly
historical in nature, including statements related to the use of
proceeds from the offering and the Company's planned second Phase 2
clinical trial, including the size, trial sites and timing of such
clinical trial, are forward-looking statements. These statements
are only predictions based on current information and expectations
and involve a number of risks and uncertainties. Actual events or
results may differ materially from those projected in any of such
statements due to various factors, including risks and
uncertainties related to being a clinical-stage biopharmaceutical
company, which may require changes to the planned use of proceeds,
and to the commencement and conduct of clinical trials. For a
discussion of these and other factors, please refer to the
Company's annual report on Form 10‑K for the year
ended December 31, 2015 as well as the Company's
subsequent filings with the SEC. You are cautioned not to
place undue reliance on these forward-looking statements, which
speak only as of the date hereof. This caution is made under the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. All forward-looking statements are qualified in their
entirety by this cautionary statement and the Company undertakes no
obligation to revise or update this press release to reflect events
or circumstances after the date hereof, except as required by
law.
Company
Contact:
|
|
Peter
Slover
|
Chief Financial
Officer
|
(858)
777-1760
|
|
Corporate
Communications and Investor Relations:
|
|
Michael
Moore
|
Jason
Spark
|
NATIONAL
Equicom
|
Canale
Communications
|
Investor
Relations
|
Corporate
Communications and IR
|
(858)
886-7813
|
(619)
849-6005
|
mmoore@national.ca
|
jason@canalecomm.com
|
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visit:http://www.prnewswire.com/news-releases/sophiris-bio-closes-underwritten-public-offering-300318928.html
SOURCE Sophiris Bio Inc.