Axcella Announces Closing of Public Offering of Common Stock, Including Full Exercise of Underwriters’ Option
May 18 2020 - 4:05PM
Business Wire
Axcella (Nasdaq: AXLA), a clinical-stage biotechnology company
focused on leveraging endogenous metabolic modulators (EMMs) to
pioneer a new approach for treating complex diseases and improving
health, today announced the closing of its underwritten public
offering of an aggregate of 12,650,000 shares of its common stock,
including the full exercise of the underwriters’ option to purchase
additional shares, at a public offering price of $4.75 per share,
before deducting underwriting discounts and commissions. The gross
proceeds of the offering, before deducting underwriting discounts
and commissions and other estimated offering expenses payable by
Axcella, were approximately $60.1 million.
Axcella intends to use the net proceeds from the offering,
together with its existing cash and cash equivalents, to advance
its current liver programs, including its planned IND filing for
AXA1665 and ensuing initiation of a Clinical Trial and its planned
IND filing for AXA1125 in adults and pediatric patients and ensuing
initiation of Clinical Trials; advance its product candidate
AXA4010, including the conclusion of its ongoing Clinical Study;
advance its development platform and discovery efforts; and support
organizational growth and for working capital and other general
corporate purposes. J.P. Morgan and SVB Leerink acted as joint
book-running managers for the offering. Wedbush PacGrow acted as
lead manager and Roth Capital Partners acted as co-manager for the
offering.
A registration statement relating to these securities was filed
with the Securities and Exchange Commission ("SEC") on May 11, 2020
and was declared effective by the SEC on May 13, 2020. The offering
was made only by means of a prospectus. These documents were filed
with the SEC and may be obtained on the SEC's website at
http://www.sec.gov. You can also obtain the prospectus by
contacting J.P. Morgan Securities LLC, Attention: Broadridge
Financial Solutions, 1155 Long Island Avenue, Edgewood, New York
11717, telephone: (866) 803-9204, or email:
prospectus-eq_fi@jpmchase.com; or SVB Leerink LLC, Attention:
Syndicate Department, One Federal Street, 37th Floor, Boston, MA
02110, by telephone at (800) 808-7525, ext. 6218, or email:
syndicate@svbleerink.com.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy these securities, nor shall there
be any offer or sale of these securities in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to the registration or qualification under the
securities laws of any such state or jurisdiction.
About Axcella Axcella is a clinical-stage biotechnology
company focused on leveraging endogenous metabolic modulators
(EMMs) to pioneer a new approach for treating complex diseases and
improving health. The company’s product candidates are comprised of
EMMs and their derivatives that are engineered in distinct
combinations and ratios to simultaneously impact multiple
biological pathways. Axcella’s pipeline includes lead therapeutic
candidates for non-alcoholic steatohepatitis (NASH) and the
reduction in risk of overt hepatic encephalopathy (OHE) recurrence.
Additional muscle- and blood-related programs are in earlier-stage
development.
Forward Looking Statements Statements contained in this
press release regarding matters that are not historical facts are
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995, as amended. Because such
statements are subject to risks and uncertainties, actual results
may differ materially from those expressed or implied by such
forward-looking statements. Such statements include, but are not
limited to, statements regarding the use of proceeds of the
offering. Risks that contribute to the uncertain nature of the
forward-looking statements include, without limitation, the
success, cost, and timing of the company’s product candidate
development activities and planned clinical studies and clinical
trials; the company’s ability to execute on its strategy; positive
results from a clinical study may not necessarily be predictive of
the results of future or ongoing clinical studies or clinical
trials; regulatory developments in the United States and foreign
countries; the company’s estimates regarding expenses, future
revenue, and capital requirements, and other financial results; as
well as those risks and uncertainties set forth in the company’s
most recent Quarterly Report on Form 10-Q and subsequent filings
with the Securities and Exchange Commission. The company cautions
you not to place undue reliance on any forward-looking statements,
which speak only as of the date they are made. Axcella disclaims
any obligation to publicly update or revise any such statements to
reflect any change in expectations or in events, conditions or
circumstances on which any such statements may be based, or that
may affect the likelihood that actual results will differ from
those set forth in the forward-looking statements. Any
forward-looking statements contained in this press release
represent the company’s views only as of the date hereof and should
not be relied upon as representing its views as of any subsequent
date. The company explicitly disclaims any obligation to update any
forward-looking statements.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200518005665/en/
Company/Investor Contact Jason Fredette
jfredette@axcellahealth.com 857.320.2236
Media Contact Azeem Zeekrya HDMZ azeem.zeekrya@hdmz.com
312-506-5244
Axcella Health (NASDAQ:AXLA)
Historical Stock Chart
From Mar 2024 to Apr 2024
Axcella Health (NASDAQ:AXLA)
Historical Stock Chart
From Apr 2023 to Apr 2024