Cassava Sciences Announces $200 Million Registered Direct Offering of Common Stock
February 10 2021 - 6:15AM
Cassava Sciences, Inc. (Nasdaq: SAVA) (the “Company” or “Cassava
Sciences”), a clinical-stage biotechnology company focused on
Alzheimer’s disease, today announced that it has entered into a
definitive agreement with several healthcare-focused and other
institutional investors for the purchase of 4,081,633 shares of its
common stock, at a purchase price per share of $49.00, for
gross proceeds of approximately $200.0 million, in a
registered direct offering. The closing of the offering is expected
to occur on or about February 12, 2021, subject to the
satisfaction of customary closing conditions.
H.C. Wainwright & Co. is acting as the
exclusive placement agent for the offering.
Cassava Sciences intends to use the net
proceeds, if any, from this offering for working capital and
general corporate purposes, including development of simufilam, the
Company’s lead drug candidate for the treatment of Alzheimer’s
disease.
The shares of common stock are being offered by
Cassava Sciences pursuant to an automatic "shelf" registration
statement on Form S-3, which was filed with the U.S. Securities and
Exchange Commission (the “SEC”) on February 10, 2021 and
became effective immediately upon filing, and the base prospectus
contained therein. The offering will be made only by means of a
prospectus supplement that forms a part of the registration
statement.
A prospectus supplement and accompanying base
prospectus relating to the shares of common stock being offered
will be filed with the SEC. Copies of the final prospectus
supplement and accompanying base prospectus may be obtained, when
available, on the SEC's website at http://www.sec.gov or
by contacting H.C. Wainwright & Co., LLC at 430 Park
Avenue, 3rd Floor, New York, NY 10022, by phone at
646-975-6996 or e-mail at placements@hcwco.com.
This press release shall 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 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 Cassava Sciences, Inc.
Cassava Sciences’ mission is to discover and develop innovations
for chronic, neurodegenerative conditions. Over the past 10 years,
Cassava Sciences has combined state-of-the-art technology with new
insights in neurobiology to develop novel solutions for Alzheimer’s
disease.
For More Information
Contact:Eric Schoen, Chief Financial OfficerCassava
Sciences, Inc.eschoen@CassavaSciences.com(512) 501-2450
Forward-Looking StatementsAny
statements contained in this press release that do not describe
historical facts may constitute forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995, as amended. Forward-looking statements may include,
without limitation, statements regarding (i) the expected
completion and use of proceeds of the registered direct offering,
and (ii) the assumptions underlying or relating to any statement
under clause (i). Such forward-looking statements are not meant to
predict or guarantee actual results, performance, events or
circumstances and may not be realized because they are based upon
the Company’s current projections, plans, objectives, beliefs,
expectations, estimates and assumptions and are subject to a number
of risks and uncertainties and other influences, many of which the
Company has no control over. Actual results and the timing of
certain events and circumstances may differ materially from those
described by the forward-looking statements as a result of those
risks and uncertainties. Factors that may influence or contribute
to the inaccuracy of the forward-looking statements or cause actual
results to differ materially from expected or desired results may
include, without limitation, unfavorable market conditions, failure
to satisfy closing conditions relating to the offering, occurrence
of force majeure, the Company’s inability to obtain adequate
financing to fund its operations and necessary to develop or
enhance its products, the Company’s ability to conduct or complete
clinical studies on expected timelines, the Company’s ability to
demonstrate the specificity, safety, efficacy or potential health
benefits of its product candidates, the severity and duration of
health care precautions given the COVID-19 pandemic and
unanticipated impacts of the pandemic on the Company’s business
operations. These and other risk factors are identified and
described in more detail in the prospectus supplement to be filed
with the SEC in connection with the proposed public offering,
including the Company’s most recently filed Annual Report on Form
10-K and any subsequently filed Quarterly Report on Form 10-Q,
which will be incorporated by reference in such prospectus
supplement, and the other documents incorporated by reference in
such prospectus supplement and Company’s other filings with the
SEC. The Company does not undertake to update these forward-looking
statements.
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