Iterum Therapeutics plc Announces Exercise of Underwriter’s Option to Purchase Additional Ordinary Shares
February 10 2021 - 6:40PM
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 underwriter of its previously
announced underwritten public offering of ordinary shares, which
closed on February 8, 2021, has exercised in full its option to
purchase additional ordinary shares at the public offering price,
less underwriting discounts and commissions. After giving effect to
the sale of 5,217,391 additional ordinary shares in the option
closing, the total number of ordinary shares sold by the Company in
the offering increased to 40,000,000 shares, which resulted in
aggregate net proceeds of approximately $42.1 million after
deducting underwriting discounts and commissions and estimated
offering expenses.
H.C. Wainwright & Co. acted as the sole
book-running manager of the offering.
Based on the Company’s current operating plan,
the Company estimates that its existing cash and cash equivalents,
together with the aggregate net proceeds from the previously
announced underwritten public offering, including from this option
closing, and the anticipated net proceeds from its registered
direct offering that is expected to close on or about February 12,
2021, should be sufficient to fund its operating expenses and
capital expenditure requirements into the first half of 2023,
including through the PDUFA goal date of July 25, 2021 for
completion of the U.S. Food and Drug Administration’s review of the
New Drug Application for oral sulopenem and the potential
commercial launch of oral sulopenem. However, this estimate is
based on assumptions that may prove to be wrong, and the Company’s
operating plans may change as a result of many factors and various
risks and uncertainties.
The securities described above were offered and
sold in this offering pursuant to a shelf registration statement on
Form S-3 (File No. 333-232569) that was filed with the Securities
and Exchange Commission (the “SEC”) and was declared effective on
July 16, 2019. A final prospectus supplement and accompanying base
prospectus relating to the offering was filed with the SEC on
February 5, 2021 and is available on the SEC’s website at
www.sec.gov. Copies of the final prospectus supplement and the
accompanying prospectus relating to the offering may also be
obtained by contacting: H.C. Wainwright & Co., LLC, 430
Park Avenue, 3rd Floor, New York, NY 10022, or by
telephone at (646) 975-6996, or email
at placements@hcwco.com.
This press release does not constitute an offer
to sell, or a 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 Iterum Therapeutics
plcIterum 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 sufficiency of the Company’s cash resources,
including the net proceeds from its recently announced offerings,
the anticipated closing of the registered direct 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 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 timing of approval of any
submission, changes in public policy or legislation,
commercialization plans and timelines, if oral 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 impact of COVID-19 and related responsive measures thereto, the
Company’s ability to maintain listing on the Nasdaq Capital 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 in the “Risk Factors”
section contained in the final prospectus supplement related to the
underwritten public offering and in the Company’s 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 MatthewsChief Financial
Officer312-778-6073IR@iterumtx.com
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