Ocugen Announces Completion of Warrant Exchange
April 22 2020 - 9:39AM
Ocugen, Inc. (NASDAQ: OCGN), a clinical-stage company focused on
discovering, developing and commercializing transformative
therapies to treat rare and underserved ophthalmic diseases, today
announced the amendment and exchange (the “Exchange”) of the Series
A warrants issued pursuant to the Securities Purchase Agreement
dated June 13, 2019 (“SPA”) with the holders of all outstanding
Series A warrants. Pursuant to the Exchange, the parties agreed to
remove certain restrictive covenants under the warrants and the
SPA, giving the company greater flexibility to raise funds
consistent with its growth strategy and long-term value creation
for patients and shareholders.
As part of the Exchange, all the Series A warrants were
exchanged for approximately 22 million shares of Ocugen’s common
stock and non-interest-bearing unsecured notes in the aggregate
principal amount of $5.625 million. Please refer to the Form 8-K
filed with the Securities and Exchange Commission, including the
agreements filed as exhibits thereto, for complete information
regarding the Exchange.
“The successful completion of the warrant exchange addresses our
outstanding capital structure overhang. We believe this transaction
benefits our stockholders and the Company by creating a cleaner
balance sheet and removing the restrictive provisions that were
negatively impacting our ability to raise additional funds to
support progression of our strong pipeline,” said Sanjay S.
Subramanian, Chief Financial Officer of Ocugen.
About Ocugen, Inc. Ocugen, Inc. is a
clinical-stage biopharmaceutical company focused on discovering,
developing and commercializing transformative therapies to treat
the whole eye. Our Phase 3 small molecule drug candidate for
ocular Graft Versus Host Disease (oGVHD), if approved, will be the
first and only treatment for this orphan disease. Our
breakthrough modifier gene therapy platform has the potential to
treat multiple retinal diseases with one drug – “one to many”. And
our novel biologic product candidate aims to offer better therapy
to patients with underserved diseases such as wet age-related
macular degeneration, diabetic macular edema and diabetic
retinopathy. For more information, please visit www.ocugen.com.
Cautionary Note on Forward-Looking
StatementsThis press release contains forward-looking
statements within the meaning of The Private Securities Litigation
Reform Act of 1995, which are subject to risks and uncertainties.
We may, in some cases, use terms such as “predicts,” “believes,”
“potential,” “proposed,” “continue,” “estimates,” “anticipates,”
“expects,” “plans,” “intends,” “may,” “could,” “might,” “will,”
“should” or other words that convey uncertainty of future events or
outcomes to identify these forward-looking statements. Such
statements are subject to numerous important factors, risks and
uncertainties that may cause actual events or results to differ
materially from our current expectations. These and other risks and
uncertainties are more fully described in our periodic filings with
the Securities and Exchange Commission (the “SEC”), including the
risk factors described in the section entitled “Risk Factors” in
the quarterly and annual reports that we file with the SEC. Any
forward-looking statements that we make in this press release speak
only as of the date of this press release. Except as required by
law, we assume no obligation to update forward-looking statements
contained in this press release whether as a result of new
information, future events or otherwise, after the date of this
press release.
Corporate Contact:Ocugen, Inc.Kelly Beck
kelly.beck@ocugen.com +1 484-328-4698
Media Contact:LaVoieHealthScienceEmmie
Twomblyetwombly@lavoiehealthscience.com+1 857-389-6042
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