Pulse Biosciences Announces $30 Million Private Placement
September 25 2017 - 8:00AM
Business Wire
Pulse Biosciences, Inc. (Nasdaq:PLSE), a medical technology
company developing a proprietary therapeutic tissue treatment based
on its Nano-Pulse Stimulation (NPS) platform, today announced that
it has entered into a stock purchase agreement with Robert W.
Duggan, an accredited investor and experienced life sciences
executive, for the purchase of 2,000,000 shares of the Company’s
common stock at a price of $15.02 per share, the last reported sale
price of the Company’s common stock on the immediately preceding
trading day, September 22, 2017. The private placement is expected
to yield gross proceeds of $30,040,000.
Robert W. Duggan, a current shareholder of the Company and the
former Chairman and CEO of Pharmacyclics Inc. (now Pharmacyclics
LLC, a wholly-owned subsidiary of AbbVie Inc.), was the sole
investor in the private placement. “I am very pleased with both the
operational progress made during the past year, as well as the
expanding potential of the Company’s Nano-Pulse Stimulation
technology,” commented Mr. Duggan.
“We are excited to have the continued strong support from an
experienced life sciences executive and investor of Bob’s caliber,”
said Darrin Uecker, Pulse Biosciences’ President and Chief
Executive Officer. “The additional capital raised in this financing
affords us the opportunity to accelerate our efforts to bring our
novel NPS technology to the clinic for the benefit of
patients.”
The private placement being announced today represents the third
financing in the last 16 months, commencing with the Company’s May
2016 IPO, in which $23 million was raised at $4.00 per share, and
following the February 2017 $5 million private placement at $6.10
per share. Pursuant to the terms of the stock purchase agreement,
the Company has agreed to file a registration statement to register
resale of the shares in 2018. No warrants were provided, or other
discounts afforded, to the investor, and the private placement is
being facilitated directly by the Company. As such, no investment
banking or placement fees are being incurred. The private placement
is expected to close on or about September 25, 2017, subject to the
satisfaction of customary closing conditions.
This announcement is neither an offer to sell nor a solicitation
to buy the foregoing securities, nor shall there be any offer,
solicitation or sale of the securities in any jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
jurisdiction.
The shares of common stock have not been registered under the
Securities Act of 1933, as amended (the “Act”), or any state
securities laws, and unless so registered, may not be offered or
sold in the United States except pursuant to an exemption from the
registration requirements of the Act and applicable state laws.
About Pulse Biosciences
Pulse Biosciences is a medical technology company developing a
therapeutic tissue treatment platform based on Nano-Pulse
Stimulation, a proprietary cell signaling technology. Nano-Pulse
Stimulation is a non-thermal, precise, focal drug-free tissue
treatment technology that directly affects the cell membrane and
intracellular structures to stimulate unique behaviors in cells.
NPS can initiate a cell death process that allows for the treatment
of tissue cells with minimal inflammatory response which improves
healing outcomes and supports the replacement of treated tissue
cells with healthy tissue cells. In cancerous lesions, NPS has been
shown in preclinical models to induce immunogenic cell death (ICD)
exposing the unique antigens of the treated cells to the immune
system, resulting in the generation of cytotoxic T-cells and the
mounting of an adaptive immune response targeted against those
cells. Pulse Biosciences is investigating a variety of applications
for its technology that exploits the technology’s unique biologic
effect, including immuno-oncology, dermatology, and veterinary
medicine. More information is available at
www.pulsebiosciences.com.
Forward-Looking Statements
All statements in this press release that are not historical are
forward-looking statements, including, among other things,
statements relating to Pulse Biosciences’ expectations regarding
regulatory clearance, the mechanism of action of NPS treatments,
planned future clinical trials, and other matters related to its
pipeline of product candidates and other future events, including
the closing of the private placement, estimated transaction
expenses and the registration of the shares issued in the private
placement. These statements are not historical facts but rather are
based on Pulse Biosciences’ current expectations, estimates, and
projections regarding Pulse Biosciences’ business, operations and
other similar or related factors. Words such as “may,” “will,”
“could,” “would,” “should,” “anticipate,” “predict,” “potential,”
“continue,” “expects,” “intends,” “plans,” “projects,” “believes,”
“estimates,” and other similar or related expressions are used to
identify these forward-looking statements, although not all
forward-looking statements contain these words. You should not
place undue reliance on forward-looking statements because they
involve known and unknown risks, uncertainties, and assumptions
that are difficult or impossible to predict and, in some cases,
beyond Pulse Biosciences’ control. Actual results may differ
materially from those in the forward-looking statements as a result
of a number of factors, including those described in Pulse
Biosciences’ filings with the Securities and Exchange
Commission. Pulse Biosciences undertakes no obligation to
revise or update information in this press release to reflect
events or circumstances in the future, even if new information
becomes available.
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version on businesswire.com: http://www.businesswire.com/news/home/20170925005520/en/
Investors:Pulse Biosciences, Inc.Brian DowSr. Vice President and
Chief Financial OfficerIR@pulsebiosciences.comorThe Trout GroupMike
Zanoni, 646-378-2924mzanoni@troutgroup.comorMedia:Sam Brown,
Inc.Christy Curran, 615-414-8668christycurran@sambrown.com
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