Xeris Pharmaceuticals Announces Pricing of $27.0 Million Registered Direct Offering
March 11 2021 - 7:00AM
Business Wire
Xeris Pharmaceuticals, Inc. (Nasdaq: XERS), a specialty
pharmaceutical company leveraging its novel formulation technology
platforms to develop and commercialize ready-to-use injectable and
infusible drug formulations, today announced the pricing of a
registered direct offering of 6,553,398 shares of common stock, par
value $0.0001 per share (the “Shares”), to funds managed by
Deerfield Management Company, L.P., which are existing investors in
the Company, at a purchase price of $4.12 per share, resulting in
gross proceeds of $27.0 million. The offering is being made without
an underwriter or a placement agent and as a result the Company
will not be paying any underwriting discounts in connection with
this offering.
The offering is expected to close on March 15, 2021, subject to
customary closing conditions. Xeris intends to use the net proceeds
from the offering for working capital and other general corporate
purposes, as will be disclosed in further detail in the prospectus
supplement to be filed in connection with the offering.
The Shares were offered pursuant to a shelf registration
statement that was previously filed with the U.S. Securities and
Exchange Commission (the “SEC”) on August 6, 2019 (File No.
333-233061) and declared effective by the SEC on August 21, 2019.
The final prospectus supplement relating to the offering will be
filed with the SEC and will be available on the SEC’s website at
www.sec.gov.
Goodwin Procter LLP is acting as legal counsel to Xeris in
connection with this offering.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy the Shares, nor shall there be any
sale of the Shares 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 Xeris Pharmaceuticals, Inc.
Xeris (Nasdaq: XERS) is a specialty pharmaceutical company
delivering innovative solutions to simplify the experience of
administering important therapies that people rely on every day
around the world.
With a novel technology platform that enables ready-to-use,
room-temperature stable formulations of injectable and infusible
therapies, the company is advancing a portfolio of solutions in
various therapeutic categories, including its first commercial
product, Gvoke® in the U.S. Its proprietary XeriSol™ and XeriJect™
formulation technologies have the potential to offer distinct
advantages over conventional product formulations, including
eliminating the need for reconstitution, enabling long-term,
room-temperature stability, significantly reducing injection
volume, and eliminating the requirement for intravenous (IV)
infusion. With Xeris’ technology, new product formulations are
designed to be easier to use by patients, caregivers, and health
practitioners and help reduce costs for payers and the healthcare
system.
Xeris is headquartered in Chicago, IL. For more information,
visit www.xerispharma.com, or follow
us on Twitter, LinkedIn or Instagram.
Forward-Looking Statements
Any statements in this press release about future expectations,
plans and prospects for Xeris Pharmaceuticals, Inc., including
statements about the offering of Shares, expectations regarding the
closing of the offering, future plans and prospects for the Company
and other statements containing the words "will," "would,"
"continue," and similar expressions, constitute forward-looking
statements within the meaning of The Private Securities Litigation
Reform Act of 1995. Actual results may differ materially from those
indicated by such forward-looking statements as a result of various
important factors, including, without limitation: the uncertainties
related to market conditions and the completion of the offering on
the anticipated terms or at all, the impact of COVID-19 on the
Company’s business operations, its reliance on third-party
suppliers for Gvoke® and Ogluo®, the regulatory approval of its
product candidates, its ability to market and sell its products, if
approved, and other factors discussed in the “Risk Factors” section
of Xeris’ Annual Report on Form 10-K for the year ended December
31, 2020, which is on file with the SEC, as updated by any
subsequent SEC filings. Any forward-looking statements contained in
this press release speak only as of the date hereof, and Xeris
expressly disclaims any obligation to update any forward-looking
statements, whether as a result of new information, future events
or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20210311005495/en/
Investor Contact Allison Wey Senior Vice President,
Investor Relations and Corporate Communications
awey@xerispharma.com 312-736-1237
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