Aeterna Zentaris Announces Pricing of US$16.65 Million Public Offering of Common Shares and Warrants
December 09 2015 - 8:25AM
Business Wire
Aeterna Zentaris Inc. (NASDAQ:AEZS) (TSX:AEZ)
(the “Company”) today announced the pricing of its previously
announced underwritten public offering (the “Offering”) of common
shares and warrants with a public offering price of US$5.55 for one
common share together with a warrant to purchase 0.7 of a common
share for gross proceeds of US$16.65 million. A total of 3.0
million common shares and warrants to acquire 2.1 million common
shares are expected to be issued on closing of the Offering. In
addition, the Company has granted the underwriter a 45-day option
to purchase up to an additional 330,000 common shares and/or
warrants to purchase up to an additional 231,000 common shares, to
cover over-allotments, if any.
The warrants will be exercisable immediately and expire five
years following issuance at an exercise price of US$7.10 per share.
The warrants do not contain any price or other adjustment
provision, except for customary adjustment provisions that apply in
the event of certain corporate events or transactions that affect
all outstanding common shares. The warrants may at any time be
exercised on a “net” or “cashless” basis in accordance with a
customary formula but do not contain an alternate cashless exercise
feature contained in our previously issued Series B common shares
purchase warrants. The warrants will not be listed on any stock
exchange.
The Offering is expected to close on or about December 14, 2015,
subject to customary closing conditions including, but not limited
to, the receipt of all necessary regulatory approvals, including
the approvals of the NASDAQ Capital Market (“NASDAQ”) and the
Toronto Stock Exchange (“TSX”).
Net proceeds from the Offering are expected to be approximately
US$15.0 million, after deducting underwriting commissions and
discounts and other expenses related to the Offering. The Company
intends to use the net proceeds from the Offering to continue to
fund its ongoing drug development activities, for the potential
addition of commercialized products to the Company’s portfolio, and
for general corporate purposes, for working capital and to fund
negative cash flow.
Maxim Group LLC is acting as sole book-running manager for the
Offering. H.C. Wainwright & Co., LLC is acting as financial
advisor to the Company in connection with the Offering.
The Offering is being conducted pursuant to the Company’s
effective shelf registration statement on Form F-10 filed with the
U.S. Securities and Exchange Commission (the “SEC”), its
corresponding Canadian base shelf prospectus and an exemption from
the Autorité des marches financiers permitting the Company to offer
common shares, warrants and such other securities specified therein
in the United States. The proposed Offering will be made only by
means of a preliminary prospectus supplement, a final prospectus
supplement and the accompanying short form base shelf prospectus.
When available, copies of the preliminary prospectus supplement,
the final prospectus supplement and the accompanying short form
base shelf prospectus may be obtained upon request by contacting
Maxim Group LLC, 405 Lexington Avenue, 2nd Floor, New York, NY
10174, (212) 895-3745. Electronic copies of the preliminary
prospectus supplement, the final prospectus supplement and the
accompanying short form base shelf prospectus will also be
available free of charge at www.sedar.com and www.sec.gov,
respectively.
This press release does not and shall not constitute an offer
to sell or the solicitation of an offer to buy any of the Company’s
securities, nor shall there be any sale of the Company’s securities
in any state or jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of any such state or jurisdiction.
About Aeterna Zentaris Inc.
Aeterna Zentaris is a specialty biopharmaceutical company
engaged in developing and commercializing novel treatments in
oncology, endocrinology and women’s health. We are engaged in drug
development activities and in the promotion of products for others.
The focus of our business development efforts is the acquisition of
licenses to products that are relevant to our therapeutic areas of
focus. We also intend to license out certain commercial rights of
internally developed products to licensees in territories where
such out-licensing would enable us to ensure development,
registration and launch of our product candidates. Our goal is to
become a growth-oriented specialty biopharmaceutical company by
pursuing successful development and commercialization of our
product portfolio, achieving successful commercial presence and
growth, while consistently delivering value to our shareholders,
employees and the medical providers and patients who will benefit
from our products. For more information, visit www.aezsinc.com.
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Aeterna Zentaris Inc.Philip Theodore, 843-900-3223Senior Vice
Presidentptheodore@aezsinc.com
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