Iterum Therapeutics plc (Nasdaq: ITRM) (the “Company”), a
clinical-stage pharmaceutical company focused on developing next
generation oral and IV antibiotics to treat infections caused by
multi-drug resistant pathogens in both community and hospital
settings, today announced that the subscription period of its
previously announced rights offering expired at 5:00 p.m., New York
City time, on August 31, 2020. As previously disclosed, the Company
had agreed to undertake the rights offering in connection with the
Company’s January 2020 private placement of units consisting of
6.500% Exchangeable Senior Subordinated Notes due 2025 and Limited
Recourse Royalty-Linked Subordinated Notes.
Pursuant to the rights offering, the Company and
Iterum Therapeutics Bermuda Limited, the Company’s wholly-owned
subsidiary (“Iterum Bermuda”), distributed to holders of record of
the Company’s ordinary shares as of August 5, 2020, and to eligible
warrant holders, rights entitling the holder thereof to purchase,
at a subscription price of $1,000 per unit, units consisting of (i)
a 6.500% Exchangeable Senior Subordinated Note due 2025 (the
“Exchangeable Notes”), to be issued by Iterum Bermuda in the
original principal amount of $1,000 and fully and unconditionally
guaranteed on an unsecured senior subordinated basis by the
Company, Iterum Therapeutics International Limited, Iterum
Therapeutics US Limited and Iterum Therapeutics US Holding Limited
(collectively, the “Guarantors”), and (ii) 50 Limited Recourse
Royalty-Linked Subordinated Notes (the “Royalty-Linked Notes”), to
be issued by Iterum Bermuda and fully and unconditionally
guaranteed on an unsecured senior subordinated basis by the
Guarantors.
In the rights offering, rights holders
subscribed for 6,374 units at a subscription price of $1,000 per
unit. Based on these preliminary results, the Company estimates
that it will receive aggregate gross proceeds of approximately
$6,374,000, not including estimated expenses relating to the rights
offering and payable by the Company of approximately $1.5 million.
The results of the offering and the Company’s estimates regarding
the proceeds to be received by the Company are preliminary and
subject to finalization and verification by the subscription agent,
Computershare Trust Company, N.A.
Rights that were not properly exercised by 5:00
p.m., New York City time, on August 31, 2020, have expired and are
no longer exercisable. Settlement and delivery of the Exchangeable
Notes and Royalty-Linked Notes is expected to take place on or
about September 8, 2020.
Computershare Trust Company, N.A. is acting as
the subscription agent, and Georgeson LLC is acting as the
information agent, for the rights offering.
A registration statement on Form S-1 (File No.
333-237326) relating to the rights offering has been filed with and
declared effective by the U.S. Securities and Exchange Commission
(“SEC”). The rights offering was made only by means of a
prospectus, copies of which can be accessed through the SEC’s
website at www.sec.gov and may also be obtained from the
information agent, Georgeson LLC, toll free at (888)
607-6511.
This press release does not constitute an offer
to sell or the solicitation of an offer to buy any securities, nor
will there be any sale of any securities in any state or other
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 Iterum Therapeutics
plc
Iterum Therapeutics plc is a clinical-stage
pharmaceutical company dedicated to developing differentiated
anti-infectives aimed at combatting the global crisis of multi-drug
resistant pathogens to significantly improve the lives of people
affected by serious and life-threatening diseases around the world.
Iterum Therapeutics is advancing its first compound, sulopenem, a
novel penem anti-infective compound, in Phase 3 clinical
development with an oral formulation and IV formulation. Sulopenem
has demonstrated potent in vitro activity against a wide variety of
gram-negative, gram-positive and anaerobic bacteria resistant to
other antibiotics. Iterum Therapeutics has received Qualified
Infectious Disease Product (QIDP) and Fast Track designations for
its oral and IV formulations of sulopenem in seven indications.
Forward-Looking Statements
This press release contains forward-looking
statements. These forward-looking statements include, without
limitation, statements regarding the timing, terms, level of
participation in and completion of the rights offering and the
Company’s plans, strategies and prospects for its business. In some
cases, forward-looking statements can be identified by words such
as “may,” “believes,” “intends,” “seeks,” “anticipates,” “plans,”
“estimates,” “expects,” “should,” “assumes,” “continues,” “could,”
“would,” “will,” “future,” “potential” or the negative of these or
similar terms and phrases. Forward-looking statements involve known
and unknown risks, uncertainties and other factors that may cause
the Company’s actual results, performance or achievements to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements. Forward-looking statements include all matters that are
not historical facts. Actual future results may be materially
different from what is expected due to factors largely outside the
Company’s control, including the closing of the rights offering on
the terms described or at all, the expected proceeds to the Company
from the rights offering, the uncertainties inherent in the
initiation and conduct of clinical trials, availability
and timing of data from clinical trials, changes in regulatory
requirements or decisions of regulatory authorities, the Company’s
ability to apply for regulatory approval, changes in public policy
or legislation, commercialization plans and timelines, if sulopenem
is approved, the actions of third-party clinical research
organizations, suppliers and manufacturers, the accuracy of the
Company’s expectations regarding how far into the future the
Company’s cash on hand will fund the Company’s ongoing operations,
the sufficiency of the Company’s cash resources and the Company’s
ability to continue as a going concern, the impact of COVID-19 and
related responsive measures thereto, the Company’s ability to
maintain listing on the Nasdaq Stock Market, risks and
uncertainties concerning the outcome, impact, effects and results
of the Company’s evaluation of corporate, organizational,
strategic, financial and financing alternatives, including the
terms, timing, structure, value, benefits and costs of any
corporate, organizational, strategic, financial or financing
alternative and the Company’s ability to complete one at all, the
price of the Company’s securities, the expected use of proceeds
from the rights offering and other factors discussed under the
caption “Risk Factors” in its most recently filed Quarterly Report
on Form 10-Q, and other documents filed with the SEC from time to
time. Forward-looking statements represent the Company’s beliefs
and assumptions only as of the date of this press release. Except
as required by law, the Company assumes no obligation to update
these forward-looking statements publicly, or to update the reasons
actual results could differ materially from those anticipated in
the forward-looking statements, even if new information becomes
available in the future.
Investor Contact:Judy
MatthewsChief Financial Officer 312-778-6073IR@iterumtx.com
Iterum Therapeutics (NASDAQ:ITRM)
Historical Stock Chart
From Mar 2024 to Apr 2024
Iterum Therapeutics (NASDAQ:ITRM)
Historical Stock Chart
From Apr 2023 to Apr 2024