Spectrum Pharmaceuticals Announces Full Exercise of Underwriters’ Option to Purchase Additional Shares
August 05 2020 - 4:00PM
Business Wire
Spectrum Pharmaceuticals, Inc. (Nasdaq: SPPI) (“Spectrum” or the
“Company”), a biopharmaceutical company focused on novel and
targeted oncology therapies, today announced that the underwriters
of its previously announced public offering of common stock have
fully exercised and closed on their option to purchase an
additional 3,250,000 shares of the Company’s common stock at the
public offering price of $3.00 per share, less underwriting
discounts and commissions, for additional anticipated net proceeds
to the Company of approximately $9.2 million. The option was
granted in connection with the public offering of 21,666,667 shares
of common stock at a public offering price of $3.00 per share,
which closed on August 3, 2020.
After giving effect to the exercise in full of the underwriters’
option, the total number of shares sold by Spectrum in the public
offering was 24,916,667 shares and net proceeds to Spectrum were
approximately $70.3 million, after deducting underwriting discounts
and commissions, but before deducting the expenses of the
offering.
Jefferies and Cantor Fitzgerald & Co. acted as joint
book-running managers for the offering. JMP Securities acted as the
lead manager for the offering. B. Riley FBR and H.C. Wainwright
& Co. acted as co-managers for the offering.
The securities were offered pursuant to a shelf registration
statement on Form S-3 (333-237319), which was declared effective by
the Securities and Exchange Commission (the “SEC”) on May 8, 2020.
The offering was made only by means of a prospectus supplement and
accompanying prospectus that form a part of the registration
statement. A preliminary prospectus supplement relating to the
offering was filed by Spectrum with the SEC on July 29, 2020 and is
available on the SEC’s website at www.sec.gov. A final prospectus
supplement and the accompanying prospectus was filed with the SEC
on July 30, 2020 and is available at the SEC’s website located at
www.sec.gov. Copies of the final prospectus supplement and the
accompanying prospectus relating to the offering may be obtained
for free by contacting: Jefferies LLC, Attention: Equity Syndicate
Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY
10022, by telephone at 1-877-547-6340 or by email at
Prospectus_Department@Jefferies.com; or Cantor Fitzgerald &
Co., Attention: Capital Markets, 499 Park Ave., 6th Floor, New
York, NY 10022, or by email at prospectus@cantor.com.
This press release 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 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 Spectrum Pharmaceuticals, Inc.
Spectrum Pharmaceuticals is a biopharmaceutical company focused
on acquiring, developing, and commercializing novel and targeted
oncology therapies. Spectrum has a strong track record of
successfully executing across the biopharmaceutical business model,
from in-licensing and acquiring differentiated drugs, clinically
developing novel assets, successfully gaining regulatory approvals
and commercializing in a competitive healthcare marketplace.
Spectrum has a late-stage pipeline with novel assets that serve
areas of unmet need. This pipeline has the potential to transform
the company in the near future.
Notice Regarding Forward-Looking Statements
Certain statements in this press release may constitute
“forward-looking statements” within the meaning of the United
States Private Securities Litigation Reform Act of 1995, as amended
to date. These forward-looking statements relate to a variety of
matters, including, without limitation, statements that relate to
Spectrum’s business and its future, including Spectrum’s ability to
advance development of its late-stage pipeline assets and such
assets’ ability to serve areas of unmet need; the future potential
of Spectrum’s existing drug pipeline; and other statements
containing the words “anticipate,” “believe,” “continue,”
“contemplate,” “could,” “estimate,” “expect,” “intend,” “may,”
“plan,” “potential,” “predict,” “project,” “should,” “target,”
“will,” “would,” and similar expressions. These forward-looking
statements are made on the basis of the current beliefs,
expectations, and assumptions of the management of Spectrum and are
subject to significant risks and uncertainties that could cause
actual results to differ materially from what may be expressed or
implied in these forward-looking statements. Risks that could cause
actual results to differ include risks and uncertainties related to
market conditions and general economic factors, the possibility
that Spectrum’s existing and new drug candidates may not prove safe
or effective, the possibility that Spectrum’s existing and new
applications to the U.S. Food and Drug Administration and other
regulatory agencies may not receive approval in a timely manner or
at all, the possibility that Spectrum’s existing and new drug
candidates, if approved, may not be more effective, safer or more
cost efficient than competing drugs, the possibility that
Spectrum’s efforts to acquire or in-license and develop additional
drug candidates may fail, Spectrum’s dependence on third parties
for clinical trials, manufacturing, distribution and quality
control and other risks that are described in further detail in
Spectrum’s reports filed with the SEC. In addition, any
forward-looking statements included in this press release represent
Spectrum’s views only as of the date of this release and should not
be relied upon as representing Spectrum’s views as of any
subsequent date. Spectrum does not plan to update any such
forward-looking statements and expressly disclaims any duty to
update the information contained in this press release except as
required by law. For a further discussion of risks and
uncertainties that could cause actual results to differ from those
expressed in these forward-looking statements, as well as risks
relating to the business of Spectrum in general, see the risk
disclosures in the Annual Report on Form 10-K of Spectrum for the
year ended December 31, 2019, and in subsequent reports on Forms
10-Q and 8-K and other filings made with the SEC by Spectrum.
SPECTRUM PHARMACEUTICALS, INC.® is a registered trademark of
Spectrum Pharmaceuticals, Inc. and its affiliates. REDEFINING
CANCER CARE™ and the Spectrum Pharmaceuticals’ logos are trademarks
owned by Spectrum Pharmaceuticals, Inc. Any other trademarks are
the property of their respective owners.
© 2020 Spectrum Pharmaceuticals, Inc. All Rights Reserved
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version on businesswire.com: https://www.businesswire.com/news/home/20200805005887/en/
Robert Uhl Managing Director, Westwicke ICR 858.356.5932
robert.uhl@westwicke.com Kurt Gustafson Chief Financial Officer
949.788.6700 InvestorRelations@sppirx.com
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