IRVINE, Calif., Oct. 31, 2014 /PRNewswire/ -- AtheroNova
Inc. (OTCBB: AHRO), a biotech company focused on the research and
development of compounds to safely regress atherosclerotic plaque
and improve lipid profiles in humans, today announced the closing
of its follow-on public offering of 4,000,000 shares of common
stock, with each share of common stock being sold together with
1.25 warrants to purchase one share of common stock. The
securities were sold at a price to the public of $0.75 per share of common stock and $0.00001 per warrant. The warrants have an
exercise price of $4.00 per share,
subject to adjustment, and are exercisable immediately and expire 5
(five) years from the date of issuance. The gross proceeds from
this offering to AtheroNova are approximately $3,000,050, before deducting underwriting
discounts and commissions and estimated offering expenses payable
by AtheroNova. AtheroNova has granted the underwriters a 45-day
option to purchase up to an additional 600,000 shares of its common
stock and/or warrants to purchase up to an aggregate of 750,000
shares of its common stock. AtheroNova intends to use the net
proceeds from the offering, as well as its other existing capital
resources, for general corporate purposes, including working
capital, operating expenses and capital expenditures.
Aegis Capital Corp. is acting as the sole book-running manager
for the offering.
Merriman Capital is acting as co-manager for the offering.
The securities described above are being offered by AtheroNova
pursuant to registration statements on Form S-1 (Nos. 333-194645
and 199628) including a prospectus. The securities may be offered
only by means of the prospectus. A preliminary prospectus related
to the offering was filed with the SEC on October 16 and the final prospectus related to
the offering was filed with the SEC on October 29 and is available on the SEC's website
located at www.sec.gov. Copies of the final prospectus relating to
the securities being offered may also be obtained from Aegis
Capital Corp., Prospectus Department, 810 Seventh Avenue, 18th
Floor, New York, NY 10019, e-mail:
prospectus@aegiscap.com; or Merriman Capital, Inc., Prospectus
Department, 600 California St., 9th Floor, San Francisco, CA 94108; telephone (415)
248-5683.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
jurisdiction.
About AtheroNova
AtheroNova Inc. is a biotechnology
company focused on the discovery, research, development and
licensing of novel compounds to safely reduce or regress
atherosclerotic plaque deposits and improve lipid profiles in
humans. AtheroNova's lead compound, AHRO-001, directly targets
atherosclerosis. In addition to its lead compound AHRO-001,
AtheroNova plans to develop multiple applications for its patented
and patents-pending therapies in market sectors that include:
Cardiovascular Disease, Stroke and Peripheral Artery Disease, all
of which have been linked to atherosclerosis. Atherosclerosis
and its related pharmaceutical expenses for these indications cost
consumers more than $41 billion
annually in the United States
alone. For more information, please visit www.AtheroNova.com.
Forward-Looking Statements
This news release includes
"forward-looking statements". These statements are based upon the
current beliefs and expectations of AtheroNova's management and are
subject to significant risks and uncertainties. If underlying
assumptions prove inaccurate or risks or uncertainties materialize,
actual results may differ materially from those set forth in the
forward-looking statements.
Risks and uncertainties include but are not limited to, general
industry conditions and competition; significant fluctuations in
expenses associated with clinical trials, failure to secure
additional financing, the inability to complete regulatory filings
with the FDA, general economic factors, including interest rate and
currency exchange rate fluctuations; the impact of pharmaceutical
industry regulation and health care legislation in the United States and internationally; global
trends toward health care cost containment; technological advances,
new products and patents attained by competitors; challenges
inherent in new product development, including obtaining regulatory
approval; AtheroNova's ability to accurately predict future market
conditions; manufacturing difficulties or delays; financial
instability of international economies and sovereign risk;
dependence on the effectiveness of AtheroNova's patents and other
protections for innovative products; and the exposure to
litigation, including patent litigation, and/or regulatory
actions. Examples of forward-looking statements in this
release include statements regarding the use of proceeds received
from the offering.
AtheroNova undertakes no obligation to publicly update any
forward-looking statement, whether as a result of new information,
future events or otherwise. Additional factors that could cause
results to differ materially from those described in the
forward-looking statements can be found in AtheroNova's 2013 Annual
Report on Form 10-K and the company's other filings with the
Securities and Exchange Commission (SEC) available at the SEC's
Internet site (www.sec.gov).
SOURCE AtheroNova Inc.