TYME Announces Closing of $100 Million Registered Direct Offering of Common Stock
February 08 2021 - 12:46PM
Business Wire
Tyme Technologies, Inc. (NASDAQ: TYME), an emerging
biotechnology company developing cancer metabolism-based therapies
(CMBTs™), announced that today it closed its previously announced
registered direct offering of 40,000,000 shares of its common
stock, par value $0.0001 per share, at a purchase price of $2.50
per share, priced at-the-market under Nasdaq rules. The gross
proceeds of the offering were $100 million, prior to deducting
placement agent’s fees and other offering expenses payable by
TYME.
H.C. Wainwright & Co. acted as the exclusive placement agent
for the offering.
TYME intends to use the net proceeds from the offering for the
development of the company’s clinical and preclinical assets and
for general corporate purposes, capital expenditures, working
capital and general and administrative expenses. TYME may also use
a portion of the net proceeds to acquire or invest in businesses,
products and technologies that are complementary to its own,
although it has no current plans, commitments or agreements with
respect to any acquisitions as of the date of this
communication.
The shares of common stock described above were offered pursuant
to a “shelf” registration statement (File No. 333-245033) filed
with the Securities and Exchange Commission (“SEC”) on August 12, 2020 and declared effective on
September 2, 2020. Such shares of common stock were offered only by
means of a prospectus, including a prospectus supplement, forming a
part of the effective registration statement. A final prospectus
supplement and the accompanying prospectus relating to the offering
of the shares of common stock were filed with the SEC. Electronic
copies of the final prospectus supplement and the accompanying
prospectus relating to the offering of the shares of common stock
may be obtained 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 shall not constitute an offer to sell or a
solicitation of an offer to buy any securities of the company, nor
shall there be any sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of that state or jurisdiction.
About Tyme Technologies
Tyme Technologies, Inc. is an emerging biotechnology company
developing cancer therapeutics that are intended to be broadly
effective across tumor types and have low toxicity profiles. Unlike
targeted therapies that attempt to regulate specific mutations
within cancer, the company’s therapeutic approach is designed to
take advantage of a cancer cell’s innate metabolic weaknesses to
compromise its defenses, leading to cell death through oxidative
stress and exposure to the body’s natural immune system. With the
development of TYME-18 and TYME-19, the company believes that it is
also emerging as a leader in the development of bile acids as
potential therapies for cancer and viruses such as COVID-19.
Forward-Looking Statements/Disclosure Notice
In addition to historical information, this press release
contains forward-looking statements under the Private Securities
Litigation Reform Act that involve substantial risks and
uncertainties. Such forward-looking statements within this press
release include, without limitation, statements regarding the
intended use of net proceeds from the registered direct offering,
our drug candidates, including SM-88, TYME- 18, and TYME-19 and
their clinical potential and non-toxic safety profiles, our drug
development plans and strategies, ongoing and planned preclinical
and clinical trials, including the proposed TYME-19
proof-of-concept study, preliminary data results and the
therapeutic design and mechanisms of our drug candidates; and
readers can identify forward-looking statements by sentences or
passages involving the use of terms such as “believes,” “expects,”
“hopes,” “may,” “will,” “plan,” “intends,” “estimates,” “could,”
“should,” “would,” “continue,” “seeks,” or “anticipates,” and
similar words including their use in the negative or by discussions
of future matters such as effect of the novel coronavirus
(COVID-19) pandemic and the associated economic downturn and
impacts on the company’s ongoing clinical trials and ability to
analyze data from those trials, the cost of development and
potential commercialization of our lead drug candidate and of other
new products, expected releases of interim or final data from our
clinical trials, possible collaborations, the timing, scope,
status, objectives and strategy of our ongoing and planned trials,
the success of management transitions and other statements that are
not historical. The forward-looking statements contained in this
press release are based on management’s current expectations and
projections, which are subject to uncertainty, risks and changes in
circumstances that are difficult to predict and many of which are
outside of TYME’s control. These statements involve known and
unknown risks, uncertainties and other factors which may cause the
company’s actual results, performance or achievements to be
materially different from any historical results and future
results, performances or achievements expressed or implied by the
forward-looking statements. These risks and uncertainties include,
but are not limited to, market and other conditions, the severity,
duration, and economic and operational impact of the COVID-19
pandemic; that the information is of a preliminary nature and may
be subject to change; uncertainties inherent in the cost and
outcomes of research and development, including the cost and
availability of acceptable-quality clinical supply and the ability
to achieve adequate start and completion dates, as well as
uncertainties in clinical trial design and patient enrollment,
dropout or discontinuation rates; the possibility of unfavorable
study results, including unfavorable new clinical data and
additional analyses of existing data; risks associated with early,
initial data, including the risk that the final data from any
clinical trial may differ from prior or preliminary study data;
final results of additional clinical trials that may be different
from the preliminary data analysis and may not support further
clinical development; that past reported data are not necessarily
predictive of future patient or clinical data outcomes; whether and
when any applications or other submissions for SM-88 may be filed
with regulatory authorities; whether and when regulatory
authorities may approve any applications or submissions; decisions
by regulatory authorities regarding labeling and other matters that
could affect commercial availability of SM-88; the ability of TYME
and its collaborators to develop and realize collaborative
synergies; competitive developments; and the factors described in
the section captioned “Risk Factors” of TYME’s Annual Report on
Form 10-K filed with the U.S. Securities and Exchange Commission on
May 22, 2020, as well as subsequent reports we file from time to
time with the U.S. Securities and Exchange Commission available at
www.sec.gov, including TYME’s Quarterly Report on Form 10-Q filed
with the U.S. Securities and Exchange Commission on February 3,
2021.
The information contained in this press release is as of its
release date and TYME assumes no obligation to update
forward-looking statements contained in this release as a result of
future events or developments.
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For Investor Relations & Media Inquiries: Contact: Investor
Relations 1-212- 461-2315 investorrelations@tymeinc.com
media@tymeinc.com
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