Auris Medical Holding Ltd.:
May 13 2019 - 8:30AM
Auris Medical Holding Ltd. (NASDAQ: EARS), a clinical-stage company
dedicated to developing therapeutics that address important unmet
medical needs in neurotology and central nervous system disorders,
announced today the pricing of an underwritten public offering of:
(i) 330,000 common shares together with warrants to purchase
330,000 common shares, and (ii) 1,721,280 pre-funded warrants, with
each pre-funded warrant exercisable for one common share, together
with warrants to purchase 1,721,280 common shares. The combined
public offering price per common unit is $3.90 and $3.89 per
pre-funded unit. The pre-funded warrants will have an initial
per share exercise price of CHF 0.01, are exercisable immediately
and will expire when exercised in full. The common share
warrants will have an initial per share exercise price of CHF
4.34, subject to customary adjustment, are exercisable immediately
and will expire 5 years from the date of issuance. The gross
proceeds to Auris Medical Holding Ltd. from this offering
are expected to be approximately $8 million, before deducting
underwriting discounts and commissions and other estimated offering
expenses. Auris Medical Holding Ltd. has granted the
underwriters a 45-day option to purchase up to an additional
307,692 common shares and/or additional warrants to purchase up to
307,692 common shares to cover over-allotments, if any. The
offering is expected to close on May 15, 2019, subject to
customary closing conditions.
A.G.P./Alliance Global Partners is acting
as the sole book-running manager for the offering.
A registration statement relating to these securities has been
filed with the Securities and Exchange
Commission (the “SEC”) and became effective on May
10, 2019 and is available on the SEC's website
located at http://www.sec.gov. An additional registration
statement on Form F-1 (File No. 333-231403) relating to these
securities has been filed with the SEC and became effective
immediately upon filing under Rule 462(b) under the Securities Act
of 1933, as amended.
The offering will be made only by means of a
prospectus. A copy of the prospectus relating to the offering may
be obtained, when available, by contacting A.G.P./Alliance Global
Partners, 590 Madison Avenue, 36th Floor, New York,
NY 10022 or via telephone at 212-624-2006 or
email: prospectus@allianceg.com. Investors may also obtain
these documents at no cost by visiting the SEC's website
at http://www.sec.gov. Before investing in this offering,
interested parties should read in their entirety the prospectus and
the other documents that Auris Medical Holding Ltd. has
filed with the SEC that are incorporated by reference in
such prospectus, which provide more information about Auris
Medical Holding Ltd. and such offering.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy 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 Auris Medical
Auris Medical is a biopharmaceutical company
dedicated to developing therapeutics that address important unmet
medical needs in neurotology and mental health supportive care. The
company is focused on the development of intranasal betahistine for
the treatment of vertigo (AM-125) and for the prevention of
antipsychotic-induced weight gain and somnolence (AM-201). These
projects have gone through two Phase 1 trials and will move into
proof-of-concept studies in 2019. In addition Auris Medical has two
Phase 3 programs under development: Sonsuvi® (AM-111) for acute
inner ear hearing loss and Keyzilen® (AM-101) for acute inner ear
tinnitus. The Company was founded in 2003 and is headquartered in
Hamilton, Bermuda with its main operations in Basel, Switzerland.
The shares of Auris Medical Holding Ltd. trade on the NASDAQ
Capital Market under the symbol “EARS.”
Forward-looking Statements
This press release may contain statements that
constitute “forward-looking statements” within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934. Forward-looking statements are
statements other than historical facts and may include statements
that address future operating, financial or business performance or
Auris Medical’s strategies or expectations. In some cases, you can
identify these statements by forward-looking words such as “may”,
“might”, “will”, “should”, “expects”, “plans”, “anticipates”,
“believes”, “estimates”, “predicts”, “projects”, “potential”,
“outlook” or “continue”, or the negative of these terms or other
comparable terminology. Forward-looking statements are based on
management’s current expectations and beliefs and involve
significant risks and uncertainties that could cause actual
results, developments and business decisions to differ materially
from those contemplated by these statements. These risks and
uncertainties include, but are not limited to, statements regarding
the proposed public offering, Auris Medical’s need for and ability
to raise substantial additional funding to continue the development
of its product candidates, the ability to pursue strategic
partnering and non-dilutive funding for its Phase 3 programs
Sonsuvi® and Keyzilen®, the results of Auris Medical’s review of
strategic options and the outcome of any action taken as a result
of such review, the timing and conduct of clinical trials of Auris
Medical’s product candidates, the clinical utility of Auris
Medical’s product candidates, the timing or likelihood of
regulatory filings and approvals, Auris Medical’s intellectual
property position and Auris Medical’s financial position, including
the impact of any future acquisitions, dispositions, partnerships,
license transactions or changes to Auris Medical’s capital
structure, including future securities offerings. These risks and
uncertainties also include, but are not limited to, those described
under the caption “Risk Factors” in Auris Medical’s Annual Report
on Form 20-F for the year ended December 31, 2018, and in Auris
Medical's other filings with the SEC, which are available free of
charge on the Securities Exchange Commission's website at:
www.sec.gov. Should one or more of these risks or uncertainties
materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from those indicated. All
forward-looking statements and all subsequent written and oral
forward-looking statements attributable to Auris Medical or to
persons acting on behalf of Auris Medical are expressly qualified
in their entirety by reference to these risks and uncertainties.
You should not place undue reliance on forward-looking statements.
Forward-looking statements speak only as of the date they are made,
and Auris Medical does not undertake any obligation to update them
in light of new information, future developments or otherwise,
except as may be required under applicable law.
Investor contact: Joseph Green Edison Advisors
for Auris Medical 646-653-7030 / 7719 jgreen@edisongroup.com
or
investors@aurismedical.com
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