Cassava Sciences Announces Closing of $200 Million Registered Direct Offering
February 12 2021 - 5:08PM
Cassava Sciences, Inc. (Nasdaq: SAVA) (the “Company” or “Cassava
Sciences”), a clinical-stage biotechnology company focused on
Alzheimer’s disease, today announced the closing of its previously
announced registered direct offering of 4,081,633 shares of its
common stock, at a purchase price per share of $49.00, for
gross proceeds of approximately $200.0 million.
H.C. Wainwright & Co. acted as the exclusive placement
agent for the offering.
The net proceeds of the offering are estimated to be
approximately $189.7 million, after deducting placement agent fees
and other estimated offering expenses. Cassava Sciences intends to
use the net proceeds from this offering for working capital and
general corporate purposes, including development of simufilam, the
Company’s lead drug candidate for the treatment of Alzheimer’s
disease.
The shares of common stock were offered by Cassava Sciences
pursuant to an automatic "shelf" registration statement on Form
S-3, which was filed with the U.S. Securities and Exchange
Commission (the “SEC”) on February 10, 2021 and became
effective immediately upon filing, and the base prospectus
contained therein. The offering was made only by means of a
prospectus supplement that forms a part of the registration
statement.
A final prospectus supplement and accompanying base prospectus
relating to the shares of common stock being offered was filed with
the SEC. Copies of the final prospectus supplement and accompanying
base prospectus may be obtained on the SEC's website
at http://www.sec.gov or by contacting H.C.
Wainwright & Co., LLC at 430 Park Avenue, 3rd
Floor, New York, NY 10022, by phone at 646-975-6996 or
e-mail at placements@hcwco.com.
This press release shall not constitute an offer to sell, or the
solicitation of an offer to buy any of the securities described
herein, nor shall there be any sale of these 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 Cassava Sciences, Inc.Cassava Sciences’
mission is to discover and develop innovations for chronic,
neurodegenerative conditions. Over the past 10 years, Cassava
Sciences has combined state-of-the-art technology with new insights
in neurobiology to develop novel solutions for Alzheimer’s
disease.
For More Information Contact:Eric Schoen, Chief
Financial OfficerCassava Sciences,
Inc.eschoen@CassavaSciences.com(512) 501-2450
Forward-Looking StatementsAny statements
contained in this press release that do not describe historical
facts may constitute forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995, as
amended. Forward-looking statements may include, without
limitation, statements regarding (i) the estimated net proceeds and
the use of proceeds of the registered direct offering, and (ii) the
assumptions underlying or relating to any statement under clause
(i). Such forward-looking statements are not meant to predict or
guarantee actual results, performance, events or circumstances and
may not be realized because they are based upon the Company’s
current projections, plans, objectives, beliefs, expectations,
estimates and assumptions and are subject to a number of risks and
uncertainties and other influences, many of which the Company has
no control over. Actual results and the timing of certain events
and circumstances may differ materially from those described by the
forward-looking statements as a result of those risks and
uncertainties. Factors that may influence or contribute to the
inaccuracy of the forward-looking statements or cause actual
results to differ materially from expected or desired results may
include, without limitation, unfavorable market conditions,
occurrence of force majeure, the Company’s inability to obtain
adequate financing to fund its operations and necessary to develop
or enhance its products, the Company’s ability to conduct or
complete clinical studies on expected timelines, the Company’s
ability to demonstrate the specificity, safety, efficacy or
potential health benefits of its product candidates, the severity
and duration of health care precautions given the COVID-19 pandemic
and unanticipated impacts of the pandemic on the Company’s business
operations. These and other risk factors are identified and
described in more detail in the prospectus supplement filed with
the SEC in connection with the offering, including the Company’s
most recently filed Annual Report on Form 10-K and any subsequently
filed Quarterly Report on Form 10-Q, which are incorporated by
reference in such prospectus supplement, and the other documents
incorporated by reference in such prospectus supplement and
Company’s other filings with the SEC. The Company does not
undertake to update these forward-looking
statements.
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