Biota Prices $25 Million Public Offering
January 10 2014 - 8:30AM
Biota Pharmaceuticals, Inc. (Nasdaq:BOTA) ("Biota" or the
"Company") today announced that it has priced a public offering of
5,813,900 shares of its common stock at a purchase price of $4.30
per share for an aggregate offering amount of approximately $25
million. The net proceeds to Biota from the sale of the shares,
after underwriting discounts and commissions and other offering
expenses, are expected to be approximately $23.3 million. Biota has
granted the underwriters a 30-day option to purchase up to 872,085
additional shares to cover over-allotments, if any. The offering is
expected to close on January 15, 2014, subject to customary closing
conditions. The Company intends to use the net proceeds from the
offering for working capital and general corporate purposes.
Guggenheim Securities, LLC is acting as sole book-running
manager. The offering is being made pursuant to a shelf
registration statement previously filed with the Securities and
Exchange Commission ("SEC") and declared effective on October 17,
2013. A final prospectus supplement relating to the offering will
be filed with the SEC. When available, copies of the prospectus
supplement and the accompanying prospectus relating to these
securities may be obtained from Guggenheim Securities, LLC, 330
Madison Avenue, 8th Floor, New York, NY 10017, Attention: Equity
Syndicate Department, by telephone at (212) 518-9349 or by email to
GSEquityProspectusDelivery@guggenheimpartners.com. Electronic
copies of the prospectus supplement and the accompanying prospectus
will also be available on the website of the SEC at
http://www.sec.gov.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy shares of common stock of Biota,
nor shall there be any sale of these securities in any state or
jurisdiction in which such an offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
About Biota
Biota Pharmaceuticals, Inc. is a biopharmaceutical company
focused on the discovery and development of products to prevent and
treat serious and potentially life-threatening infectious diseases.
The Company currently has two Phase 2 clinical-stage product
candidates in development: laninamivir octanoate, a long-acting
neuraminidase inhibitor that the Company is developing for the
treatment of influenza A and B infections under an investigational
new drug application (IND) in the United States through a contract
with the U.S. Office of Biomedical Advanced Research and
Development Authority (BARDA) that is designed to provide up to
$231 million in financial support to complete its clinical
development; and vapendavir, a potent, oral broad spectrum capsid
inhibitor of enteroviruses, including human rhinovirus (HRV). In
addition to these clinical-stage programs, the Company has a
preclinical program focused on developing treatments for
respiratory syncytial virus (RSV). For additional information about
the Company, please visit www.biotapharma.com.
Safe Harbor Statement
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
that involve known and unknown risks and uncertainties. All
statements, other than historical facts are forward-looking
statements. Various important factors could cause actual results,
performance, events or achievements to materially differ from those
expressed or implied by the forward-looking statements,
including risks relating to the completion of the public
offering, including the satisfaction of customary closing
conditions and the use of anticipated proceeds, and other
cautionary statements contained elsewhere in this press release and
in the Company's Annual Report on Form 10-K for the year ended June
30, 2013, as filed with the SEC on September 27, 2013, and in the
Company's Quarterly Report on Form 10-Q for the quarter ended
September 30, 2013, as filed with the SEC on November 12, 2013.
There may be events in the future that the Company is unable to
predict, or over which it has no control, and the Company's
business, financial condition, results of operations and prospects
may change in the future. The Company may not update these
forward-looking statements more frequently than quarterly unless it
has an obligation under U.S. Federal securities laws to do so.
Biota®is a registered trademark of Biota Holdings Limited.
CONTACT: Russell H. Plumb
Chief Executive Officer
(678) 221-3351
r.plumb@biotapharma.com
Lee M. Stern
The Trout Group
(646) 378-2922
lstern@troutgroup.com
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