Cassava Sciences Announces Closing of $50 Million Registered Direct Offering
November 22 2022 - 12:29PM
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 1,666,667 shares of its
common stock, at a purchase price per share of $30, for gross
proceeds of approximately $50 million.
H.C. Wainwright & Co. acted as the exclusive placement
agent for the offering. JonesTrading Institutional Services
LLC and Perella Weinberg Partners LP acted as independent
capital markets advisors to Cassava Sciences for the offering.
The net proceeds of the offering are estimated to be
approximately $47.3 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 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 prospectus
relating to the shares of common stock being offered was filed with
the SEC. Electronic copies of the final prospectus supplement and
accompanying 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 (212)-856-5711 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,
Inc. is a clinical-stage biotechnology company based in Austin,
Texas. Our mission is to detect and treat neurodegenerative
diseases, such as Alzheimer’s disease. Our novel science is based
on stabilizing—but not removing—a critical protein in the brain.
The Company’s product candidates have not been approved by any
regulatory authority and their safety, efficacy or other desirable
attributes have not been established.
For More Information Contact:Eric Schoen, Chief
Financial OfficerCassava Sciences,
Inc.eschoen@CassavaSciences.com(512) 501-2450
Cautionary Note Regarding 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 and other
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. In addition, drug development involves a high degree of
risk, and only a small number of research and development programs
result in commercialization of a product. Our interim data and
analysis should not be relied upon as predictive of full study
results for any of our study. Our clinical results from
earlier-stage clinical trials may not be indicative of full results
or results from later-stage or larger scale clinical trials and do
not ensure regulatory approval. You should not place undue reliance
on these statements or any scientific data we present or
publish.
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, which are available on the SEC's website at
www.sec.gov. The Company does not undertake to update these
forward-looking statements, except as required by law.
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