Nymox Announces $16.25 Million Equity Financing With Qualified Long-Term Investors
April 12 2018 - 9:45AM
Nymox Pharmaceutical Corporation (NASDAQ:NYMX) is pleased to
announce today that the Company has successfully secured $16.25
million in new equity capital with several professional high net
worth investors. A Company Director and a Company Officer also
participated in the financing with $2 million and $0.15 million
respectively. The Company believes that with the new funds, it will
be adequately financed well beyond expected outcome timings for its
regulatory submissions in Europe and the U.S. for its novel
treatment, Fexapotide Triflutate (FT) for the treatment of the
symptoms of benign prostatic hyperplasia (BPH, prostate
enlargement).
The Company will receive net proceeds of $16.25
million from the offering with an overall average price of 22%
discount to the closing price with no fees involved as the
placement was managed directly by the Company. The Company intends
to use the proceeds from the financing for working capital and
other general corporate purposes. The lead investor, who invested
$12 million, will also receive 2.5 million warrants at $8.00 per
share.
Company founder and CEO, Dr. Paul Averback,
commented: “We are extremely pleased to close on this financing at
attractive terms to all parties involved. We now have the financial
resources needed to move forward with our operational plan
expeditiously and focus exclusively on what is really crucial to
the Company’s future: to work with our regulatory consultants and
authorities to potentially obtain regulatory clearance for FT in
due course. We very much look forward to update our shareholders on
our regulatory progress whenever we have appropriate information to
report upon.”
For more information please
contact info@nymox.com or 800-936-9669.
Forward Looking Statements
To the extent that statements contained in this
press release are not descriptions of historical facts regarding
Nymox, they are forward-looking statements reflecting the current
beliefs and expectations of management made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995, including statements regarding the need for new options to
treat BPH and prostate cancer, the potential of Fexapotide to treat
BPH and prostate cancer and the estimated timing of further
developments for Fexapotide. Such forward-looking statements
involve substantial risks and uncertainties that could cause our
clinical development program, future results, performance or
achievements to differ significantly from those expressed or
implied by the forward-looking statements. Such risks and
uncertainties include, among others, the uncertainties inherent in
the clinical drug development process, including the regulatory
approval process, the timing of Nymox's regulatory filings, Nymox's
substantial dependence on Fexapotide, Nymox's commercialization
plans and efforts and other matters that could affect the
availability or commercial potential of Fexapotide. Nymox
undertakes no obligation to update or revise any forward looking
statements. For a further description of the risks and
uncertainties that could cause actual results to differ from those
expressed in these forward-looking statements, as well as risks
relating to the business of Nymox in general, see Nymox's current
and future reports filed with the U.S. Securities and Exchange
Commission, including its Annual Report on Form 20-F for the year
ended December 31, 2017, and its Quarterly Reports.
For Further Information
Contact:Erik DanielsenNymox Pharmaceutical
Corporation1-800-93NYMOXwww.nymox.com
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