Brickell Biotech, Inc. Announces Pricing of $20.1 Million Underwritten Public Offering
18 Juin 2020 - 4:00AM
Brickell Biotech, Inc. (“Brickell”) (Nasdaq: BBI), a clinical-stage
pharmaceutical company focused on developing innovative and
differentiated prescription therapeutics for the treatment of
debilitating skin diseases, today announced the pricing of an
underwritten public offering of 17,500,000 shares of common stock
or common stock equivalents (which includes pre-funded warrants to
purchase shares of common stock in lieu of shares of common stock)
and investor warrants to purchase up to an aggregate of 17,500,000
shares of common stock. Each share of common stock (or pre-funded
warrant in lieu thereof) is being sold together with one investor
warrant to purchase one share of common stock at a combined
offering price of $1.15, for total gross proceeds of approximately
$20.1 million, before underwriting discounts and commissions and
offering expenses payable by Brickell. The offering is
expected to close on or about June 22, 2020, subject to the
satisfaction or waiver of customary closing conditions.
Brickell anticipates using the net proceeds from
the offering for research and development, including clinical
trials, working capital and general corporate purposes.
Oppenheimer & Co. Inc. is acting as the sole
book-running manager in connection with the offering and Lake
Street Capital Markets, LLC is acting as lead manager.
The securities will be offered pursuant to a
registration statement on Form S-1 (File No. 333-238298), which was
declared effective by the Securities and Exchange Commission (the
“SEC”) on June 17, 2020, and an additional registration statement
filed with the SEC on June 17, 2020 pursuant to Rule 462(b) under
the Securities Act of 1933, as amended. The offering is being made
solely by means of a prospectus. A preliminary prospectus
relating to and describing the terms of the offering has been filed
with the SEC and is available on the SEC’s website at
www.sec.gov. Copies of the preliminary prospectus and, when
available, copies of the final prospectus relating to this offering
can be obtained at the SEC’s website at www.sec.gov or
from Oppenheimer & Co. Inc., Attention: Syndicate
Prospectus Department, 85 Broad St., 26th Floor, New York, NY
10004, by telephone at (212) 667-8055 or by email at
EquityProspectus@opco.com.
This press release does not constitute an offer
to sell or the solicitation of an offer to buy, nor will there be
any sales 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 Brickell
Brickell Biotech, Inc. is a clinical-stage
pharmaceutical company focused on developing innovative and
differentiated prescription therapeutics for the treatment of
debilitating skin diseases. Brickell’s pipeline consists of
potential novel therapeutics for hyperhidrosis and other prevalent
dermatological conditions. Brickell’s executive management team and
board of directors bring extensive experience in product
development and global commercialization, having served in
leadership roles at large global pharmaceutical companies and
biotechs that have developed and/or launched successful products,
including several that were first-in-class and/or achieved iconic
status, such as Cialis®, Taltz®, Gemzar®, Prozac®, Cymbalta® and
Juvederm®. Brickell’s strategy is to leverage this experience to
in-license, acquire, develop and commercialize innovative products
that Brickell believes can be successful in the currently
underserved dermatology global marketplace. For more information,
visit http://www.brickellbio.com.
Cautionary Note Regarding
Forward-Looking Statements
Any statements made in this press release
relating to our expectations regarding the completion, timing and
size of the offering and the anticipated use of net proceeds are
forward-looking statements within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995. In addition, when or if
used in this press release, the words “may,” “could,” “should,”
“anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,”
“predict” and similar expressions and their variants, as they
relate to Brickell, may identify forward-looking statements.
Brickell cautions that these forward-looking statements are subject
to numerous assumptions, risks, and uncertainties, which change
over time, often quickly and in unanticipated ways. Important
factors that may cause actual results to differ materially from the
results discussed in the forward-looking statements or historical
experience include risks and uncertainties, including without
limitation, market conditions and the satisfaction of customary
closing conditions related to the offering, ability to obtain
adequate financing to advance product development, potential delays
for any reason in product development, regulatory changes,
unanticipated demands on cash resources, any disruption to our
business caused by the current COVID-19 pandemic, and risks
associated with developing, and obtaining regulatory approval for
and commercializing novel therapeutics.
Further information on the factors and risks
that could cause actual results to differ from any forward-looking
statements are contained in Brickell’s filings with the SEC, which
are available at http://www.sec.gov (or at
http://www.brickellbio.com). The forward-looking statements
represent the estimates of Brickell as of the date hereof only, and
Brickell specifically disclaims any duty or obligation to update
forward-looking statements.
Brickell Investor Contact: Patti Bank Managing
Director, Westwicke IR@brickellbio.com
Source: Brickell Biotech, Inc. Released June 17,
2020
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