BOSTON, Feb. 10, 2021 /PRNewswire/ -- Stealth
BioTherapeutics Corp (Nasdaq: MITO), 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 definitive
agreements with healthcare-focused institutional investors for the
purchase and sale of 2,339,000 American Depositary Shares ("ADSs"),
each representing 12 ordinary shares of Stealth, at a purchase
price of $2.00 per ADS in a
registered direct offering. The closing of the offering is expected
to occur on or about February 11,
2021, subject to the satisfaction of customary closing
conditions.
H.C. Wainwright & Co. is acting as the exclusive
placement agent for the offering.
The gross proceeds to the Company from the offering are expected
to be approximately $4.7 million,
before deducting the placement agent's fees and other offering
expenses payable by the Company. The Company intends to use the net
proceeds from this offering to fund the continued clinical
development of elamipretide and for working capital and general
corporate purposes.
The ADSs are being offered by the Company pursuant to a "shelf"
registration statement on Form F-3 (File No. 333-237542) previously
filed with the Securities and Exchange Commission ("SEC"), and
declared effective by the SEC on April 10,
2020. The offering of the ADSs will be made only by means of
a prospectus, including a prospectus supplement, forming a part of
the effective registration statement. A final prospectus supplement
and accompanying prospectus relating to the ADSs being offered will
be filed with the SEC. Electronic copies of the final prospectus
supplement and accompanying prospectus may be obtained, when
available, on the SEC's website at http://www.sec.gov or by
contacting H.C. Wainwright & Co., LLC, 430 Park Avenue, 3rd
Floor, New York, NY 10022, or by
telephone at (646) 975-6996, or email at placements@hcwco.com.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any of the securities described
herein, nor shall there be any sale of these securities in any
state or other jurisdiction in which such an offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of any such state or other jurisdiction.
About Stealth
Stealth is 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 and the intended use
of proceeds. 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: market and other
conditions, 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; whether the conditions for the
closing of the offering will be satisfied; 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.