SAN DIEGO, Calif.--(BUSINESS WIRE)--Dec. 5, 2017--
Heron Therapeutics, Inc. (NASDAQ: HRTX), a commercial-stage
biotechnology company focused on improving the lives of patients by
developing best-in-class treatments to address some of the most
important unmet patient needs, today announced the pricing of an
underwritten public offering of $150 million of shares of its common
stock. Heron Therapeutics, Inc. has granted the underwriter a 30-day
option to purchase up to an additional $22.5 million of shares of common
stock. The offering is expected to close on or about December 7, 2017,
subject to customary closing conditions.
Cantor Fitzgerald & Co. is acting as sole book-running manager for the
offering. The underwriter may offer the shares from time to time for
sale in one or more transactions on The Nasdaq Capital Market, in the
over-the-counter market, through negotiated transactions or otherwise at
market prices prevailing at the time of sale, at prices related to
prevailing market prices or at negotiated prices. The closing price of
Heron Therapeutics, Inc.’s common stock on December 4, 2017 was $17.15
per share.
The gross proceeds from the offering are expected to be approximately
$150 million before deducting customary underwriting discounts and
commissions and offering expenses. Heron Therapeutics, Inc. intends to
use the proceeds from the proposed sale of its shares of common stock
for general corporate purposes, which include, but are not limited to,
the continued commercialization and marketing of SUSTOL®, the
commercial launch of CINVANTI™, funding its ongoing and future clinical
trials, including further Phase 2 studies and Phase 3 studies for
HTX-011, preclinical development work, for general and administrative
expenses, repayment of a portion of an outstanding promissory note, or
other product development activities.
The offering is being made pursuant to a registration statement that was
filed with the Securities and Exchange Commission and became
automatically effective on July 6, 2017. The securities described above
have not been qualified under any state blue sky laws. 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 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. Copies of the final prospectus supplement (when available)
and accompanying prospectus relating to these securities may also be
obtained by sending a request to: Cantor Fitzgerald & Co., Attention:
Capital Markets, 499 Park Avenue, 6th Floor New York, New York 10022;
Email: prospectus@cantor.com.
Forward-Looking Statements
This news release contains “forward-looking statements” as defined by
the Private Securities Litigation Reform Act of 1995. Heron
Therapeutics, Inc. cautions readers that forward-looking statements are
based on management’s expectations and assumptions as of the date of
this news release and are subject to certain risks and uncertainties
that could cause actual results to differ materially, including, but not
limited to, those associated with: its capital position and the
sufficiency of its capital to fund its operations in future periods; its
use of the net proceeds of the proposed public offering; and other risks
and uncertainties identified in its filings with the Securities and
Exchange Commission. Forward-looking statements reflect its analysis
only on their stated date, and Heron Therapeutics, Inc. undertakes no
obligation to update or revise these statements except as may be
required by law.
View source version on businesswire.com: http://www.businesswire.com/news/home/20171205005529/en/
Source: Heron Therapeutics, Inc.
Heron Therapeutics, Inc.
Investor Relations Contact:
David
Szekeres, 858-251-4447
Senior Vice President, General Counsel,
Business Development & Corporate Secretary
dszekeres@herontx.com
or
Corporate
Contact:
David Szekeres, 858-251-4447
Senior Vice
President, General Counsel, Business Development & Corporate Secretary
dszekeres@herontx.com
