Innovate Biopharmaceuticals Announces $8.7 Million Registered Direct Offering Priced At-the-Market
29 Avril 2019 - 7:19PM
Innovate Biopharmaceuticals, Inc. (NASDAQ: INNT)
today announced that it has entered into securities purchase
agreements with certain institutional investors providing for the
purchase and sale of 4,318,272 shares of common stock at a purchase
price of $2.025 per share, in a registered direct offering priced
at-the-market for aggregate gross proceeds of
approximately $8.7 million. Innovate will also issue
unregistered warrants to purchase up to 4,318,272 shares of common
stock with an exercise price of $2.13 per share. The warrants will
be exercisable immediately following the issuance and will expire
five and one-half years from the date of issuance.
H.C. Wainwright & Co. is acting as the
exclusive placement agent for the offering.
The offering is expected to close on or about
May 1, 2019, subject to satisfaction of customary closing
conditions. Innovate intends to use the proceeds for the Phase 3
registration trials of its lead program, INN-202, as well as for
working capital and general corporate purposes.
The shares of common stock (but not the warrants
or the shares of common stock underlying the warrants) are being
offered pursuant to a “shelf” registration statement on Form S-3
(File No. 333-223669), which was declared effective by the United
States Securities and Exchange Commission (SEC) on July 13, 2018. A
prospectus supplement and the accompanying prospectus relating to
the shares of common stock will be filed by Innovate with the SEC.
When available, copies of the prospectus supplement and the
accompanying prospectus may be obtained at the SEC’s website at
www.sec.gov or by calling H.C. Wainwright & Co., LLC, 430
Park Avenue, 3rd Floor, New York, NY 10022, by calling (646)
975-6996 or emailing placements@hcwco.com.
The warrants and shares issuable upon exercise
of the warrants were offered in a concurrent private placement and
have not been registered under the Securities Act of 1933, as
amended, and may not be offered or sold in the United States absent
registration with the SEC or an applicable exemption from such
registration requirements. Innovate has agreed to file a
registration statement for the resale of the shares underlying the
warrants within 45 days.
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 Innovate Biopharmaceuticals, Inc. (Nasdaq:
INNT)
Innovate is a clinical stage biotechnology
company focused on developing novel therapeutics for autoimmune and
inflammatory diseases. Innovate’s lead drug candidate, larazotide
acetate, has a mechanism of action that renormalizes the
dysfunctional intestinal barrier by decreasing intestinal
permeability and reducing antigen trafficking, such as gliadin
fragments in celiac disease, and bacterial toxins and immunogenic
antigens in nonalcoholic steatohepatitis (NASH). In several
diseases, including celiac disease, NASH, Crohn’s disease,
ulcerative colitis, irritable bowel syndrome (IBS), type 1 diabetes
mellitus (T1DM), chronic kidney disease (CKD), the intestinal
barrier is dysfunctional with increased permeability.
Forward Looking Statements
This press release includes forward-looking
statements including, but not limited to, statements related to the
development of drug candidates, our operations and business
strategy, capital raising, our expected financial results, and
corporate updates. The forward-looking statements contained in this
press release are based on management’s current expectations and
are subject to substantial risks, uncertainty and changes in
circumstances. Actual results may differ materially from those
expressed by these expectations due to risks and uncertainties,
including, among others, those related to our ability to obtain
additional capital on favorable terms to us, or at all, including,
without limitation, to fund our current and future preclinical
studies and clinical trials, including, without limitation, raising
additional funds for our Phase 3 registration trial for INN-202,
and the success, timing and cost of our drug development program
and our ongoing or future preclinical studies and clinical trials,
including, without limitation, the possibility of unfavorable new
clinical and preclinical data and additional analyses of existing
data, as well as the risks that prior clinical and preclinical
results may not be replicated. These risks and uncertainties
include, but may not be limited to, those described in our Annual
Report on Form 10-K filed with the SEC on March 18,
2019, and in any subsequent filings with the SEC.
Forward-looking statements speak only as of the date of this press
release, and we undertake no obligation to review or update any
forward-looking statement except as may be required by applicable
law.
SOURCE: Innovate Biopharmaceuticals, Inc.
Contact:Jennifer K. Zimmons, Ph.D.Investor
RelationsTel: +1-917-214-3514Email:
jzimmons@innovatebiopharma.comwww.innovatebiopharma.com
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