Anthera Pharmaceuticals Announces Initial $17.0 Million Closing of a Potential $45.33 Million Registered Direct Offering to B...
September 08 2016 - 8:30AM
Anthera Pharmaceuticals, Inc. (Nasdaq:ANTH) today announced that it
has agreed to sell preferred convertible stock in two tranches to
Biotechnology Value Fund, L.P. and other affiliates of BVF Partners
L.P. (“BVF”), and Rock Springs Capital for initial proceeds of
$17.0 million with an option for an additional $28.33 million to be
invested at the option of the investors. Each share of
preferred stock is convertible into shares of common stock at
various prices in the future with the initial $17.0 million of
preferred stock receiving warrant coverage equal to 25% of the
issued shares of common stock with an exercise price equal to 120%
of the conversion price.
“We are very excited for the support of both BVF and Rock
Springs, in this financing. These proceeds will be dedicated
to accelerating the manufacturing scale-up timelines, including the
production of demonstration and registration batches at commercial
launch scale for lipase, amylase, and protease - the three enzymes
supplied in a dose of Sollpura, and purchase and installation of
manufacturing equipment at our contract manufacturers. These
manufacturing activities will enable an earlier submission of the
data package for Sollpura following the early completion of patient
enrollment in the SOLUTION clinical study,” said May Liu, Senior
Vice President, Finance & Administration.
For more details of this offering, please refer to the Company’s
SEC filing.
The securities were offered by means of a prospectus supplement
dated September 6, 2016 and accompanying prospectus dated April 18,
2016 forming a part of the Company's effective shelf registration
statement (File # 333-210166). Anthera has filed a registration
statement (including a prospectus) with the Securities and Exchange
Commission, or SEC, for the offering to which this communication
relates. These documents are available for free by visiting EDGAR
on the SEC web site at www.sec.gov. Alternatively, Anthera will
arrange to send you the prospectus if you request it by calling
Anthera at 510-856-5600.
About Anthera Pharmaceuticals, Inc.
Anthera Pharmaceuticals is a biopharmaceutical company focused
on developing and commercializing products to treat serious and
life-threatening diseases, including lupus, lupus with
glomerulonephritis, IgA nephropathy, and exocrine pancreatic
insufficiency. Additional information on the Company can be found
at www.anthera.com.
Safe Harbor Statement
Any statements contained in this press release that refer to
future events or other non-historical matters, including statements
that are preceded by, followed by, or that include such words as
"estimate," "intend," "anticipate," "believe," "plan," "goal,"
"expect," "project," or similar statements, are forward-looking
statements made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements are based on Anthera's expectations as
of the date of this press release and are subject to certain risks
and uncertainties that could cause actual results to differ
materially as set forth in Anthera's public filings with the SEC,
including Anthera's Quarterly Report on Form 10-Q for the quarter
ended June 30, 2016. Anthera disclaims any intent or obligation to
update any forward-looking statements, whether because of new
information, future events or otherwise, except as required by
applicable law.
Contact Information:
Nikhil Agarwal of Anthera Pharmaceuticals, Inc.,
nagarwal@anthera.com or 510.856.5600 x5621
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