Iterum Therapeutics Announces Pricing of $17.5 Million Upsized Public Offering
October 23 2020 - 12:02AM
Iterum Therapeutics plc (Nasdaq: ITRM), 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 the pricing of a public offering of 26,923,076 ordinary
shares (or pre-funded warrants in lieu thereof), together with
warrants to purchase up to 20,192,307 ordinary shares at a combined
effective price to the public of $0.65 per ordinary share (or
pre-funded warrant) and associated warrant. The warrants will have
an exercise price of $0.65 per share, are exercisable upon
issuance, and will expire five years following the date of
issuance. The closing of the offering is expected to occur on or
about October 27, 2020, subject to the satisfaction of customary
closing conditions.
H.C. Wainwright & Co. is acting as the
exclusive placement agent for the offering.
The gross proceeds to the Company from the
offering are expected to be approximately $17.5 million, before
deducting the placement agent’s fees and other offering expenses
payable by Iterum Therapeutics. The Company intends to use the net
proceeds from this offering to support its planned New Drug
Application submission for oral sulopenem for the treatment of
uncomplicated urinary tract infections in patients with
quinolone-resistant pathogens, the continued clinical development
of sulopenem, and for working capital and general corporate
purposes.
A registration statement on Form S-1 (File No.
333-249432) relating to these securities has been filed with the
Securities and Exchange Commission, or the SEC, and was declared
effective by the SEC on October 22, 2020, and an additional
registration statement on Form S-1 filed pursuant to Rule 462(b)
which became automatically effective on October 22, 2020. The
offering will be made only by means of a prospectus, which is part
of the effective registration statement. When available, electronic
copies of the final prospectus may be obtained for free on the
SEC’s website located at http://www.sec.gov and may also be
obtained by contacting H.C. Wainwright & Co., LLC, 430
Park Avenue, 3rd Floor, New York, NY 10022, by telephone
at (646) 975-6996, or by email to placements@hcwco.com.
This press release does 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 other jurisdiction in which such an
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or
other jurisdiction.
About Iterum Therapeutics
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.
Safe Harbor Statement
This press release contains forward-looking
statements. These forward-looking statements include, without
limitation, statements regarding the anticipated closing of the
offering, the use of proceeds from the offering, the transactions
contemplated by the transaction documents, 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 whether the conditions for the closing
of the offering will be satisfied, 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 its 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 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.
CONTACT:
Judy Matthews Chief Financial Officer 312-778-6073
IR@iterumtx.com
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