BOSTON, Nov. 20, 2020 /PRNewswire/ -- Stealth
BioTherapeutics Corp (Nasdaq: MITO) ("Stealth" or the
"Company"), a clinical-stage biotechnology company focused on the
discovery, development and commercialization of novel therapies for
diseases involving mitochondrial dysfunction, today announced that
it has entered into securities purchase agreements with several
institutional investors to purchase 2,844,446 of its American
Depositary Shares ("ADSs"), each ADS representing 12 ordinary
shares of the Company, in a registered direct offering. The
purchase price for one ADS is $1.125.
H.C. Wainwright & Co. is acting as the exclusive
placement agent for the offering.
The gross proceeds from this offering are expected to be
approximately $3.2 million. This offering is expected to close
on or about November 24, 2020, subject to the satisfaction of
customary closing conditions.
The ADSs described above are being offered pursuant to a "shelf"
registration statement (File No. 333-237542) filed with the
Securities and Exchange Commission (SEC) and declared effective on
April 10, 2020. The ADSs may be
offered only by means of a prospectus, including a prospectus
supplement, forming a part of the effective registration statement.
A prospectus supplement and the accompanying prospectus relating to
the offering of the ADSs will be filed with the SEC. Electronic
copies of the prospectus supplement and the accompanying prospectus
relating to the offering of ADSs may be obtained, when available,
on the SEC's website at http://www.sec.gov or by contacting
H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor,
New York, NY 10022, by e-mail:
placements@hcwco.com or by telephone: (646) 975-6996.
This press release does 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 jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such jurisdiction.
About Stealth
We are a clinical-stage biotechnology company focused on the
discovery, development, and commercialization of novel therapies
for diseases involving mitochondrial dysfunction. Mitochondria,
found in nearly every cell in the body, are the body's main source
of energy production and are critical for normal organ
function.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of The Private Securities Litigation Reform Act of
1995. Such forward-looking include statements about the anticipated
completion of the registered direct offering. Statements that are
not historical facts, including statements about Stealth
BioTherapeutics' beliefs, plans and expectations, are
forward-looking statements. The words "anticipate," "expect,"
"hope," "plan," "potential," "possible," "will," "believe,"
"estimate," "intend," "may," "predict," "project," "would" and
similar expressions are intended to identify forward-looking
statements, although not all forward-looking statements contain
these identifying words. Stealth BioTherapeutics may not actually
achieve the plans, intentions or expectations disclosed in these
forward-looking statements, and you should not place undue reliance
on these forward-looking statements. Actual results or events could
differ materially from the plans, intentions and expectations
disclosed in the forward-looking statements as a result of known
and unknown risks, uncertainties and other important factors,
including: Stealth BioTherapeutics' ability to obtain additional
funding and to continue as a going concern; the impact of the
COVID-19 pandemic; the ability to successfully demonstrate the
efficacy and safety of Stealth BioTherapeutics' product candidates
and future product candidates; the preclinical and clinical results
for Stealth BioTherapeutics' product candidates, which may not
support further development and marketing approval; the potential
advantages of Stealth BioTherapeutics' product candidates; the
content and timing of decisions made by the U.S. FDA, the EMA or
other regulatory authorities, investigational review boards at
clinical trial sites and publication review bodies, which may
affect the initiation, timing and progress of preclinical studies
and clinical trials of Stealth BioTherapeutics' product candidates;
Stealth BioTherapeutics' ability to obtain and maintain requisite
regulatory approvals and to enroll patients in its planned clinical
trials; unplanned cash requirements and expenditures; competitive
factors; Stealth BioTherapeutics' ability to obtain, maintain and
enforce patent and other intellectual property protection for any
product candidates it is developing; and general economic and
market conditions. These and other risks are described in greater
detail under the caption "Risk Factors" included in the Stealth
BioTherapeutics' most recent Annual Report on Form 20-F filed with
the SEC, as well as in any future filings with the SEC.
Forward-looking statements represent management's current
expectations and are inherently uncertain. Except as required by
law, Stealth BioTherapeutics does not undertake any obligation to
update forward-looking statements made by us to reflect subsequent
events or circumstances.
Investor Relations
Stern Investor Relations
Janhavi Mohite, 212-362-1200
IR@StealthBT.com
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SOURCE Stealth BioTherapeutics Inc.