Sientra, Inc. Closes $115 Million Public Offering of Common Stock and Exercise of Underwriters’ Option to Purchase Addition...
June 07 2019 - 4:01PM
Sientra, Inc. (NASDAQ: SIEN) (“Sientra” or the “Company”), a
medical aesthetics company, today announced the closing of its
previously announced underwritten public offering of 17,391,305
shares of its common stock, as well as 2,608,695 additional
shares of its common stock pursuant to the full exercise of the
option granted to the underwriters.
The shares were sold at the public offering
price of $5.75 per share and the company estimates the aggregate
net proceeds to the company will be approximately $108.1 million,
after deducting underwriting discounts and commissions and other
estimated offering expenses.
Sientra intends to use the net proceeds from
this offering to implement sales and marketing initiatives, expand
its U.S. and global commercial organizations, fund its research and
development efforts, and for general corporate purposes, including
general and administrative expenses, capital expenditures and
general working capital purposes. Sientra may also use a portion of
the net proceeds to acquire or invest in complementary businesses,
products and technologies, although it has no current commitments
or agreements with respect to any acquisitions as of the date
hereof.
Stifel, William Blair and SVB Leerink acted as
joint book-running managers for the offering.
A shelf registration statement on Form S-3
relating to the public offering of the shares of common stock
described above was filed with the Securities and Exchange
Commission (the “SEC”) and became effective on May 22, 2019. A
prospectus supplement relating to the offering has been filed with
the SEC. Copies of the prospectus supplement and accompanying
prospectus may be obtained from the offices of Stifel, Nicolaus
& Company, Incorporated at Attention: Syndicate, One Montgomery
Street, Suite 3700, San Francisco, CA 94104, by telephone at (415)
364-2720, or by email at syndprospectus@stifel.com; William Blair
& Company, L.L.C., 150 North Riverside Plaza, Chicago, IL
60606, Attention: Prospectus Department; or SVB Leerink LLC,
Attention: Syndicate Department, One Federal Street, 37th Floor,
Boston, MA 02110, by telephone at (800) 808-7525, ext. 6132, or by
emailing syndicate@svbleerink.com.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy these securities,
nor shall there be any sale of these securities in any state or
other jurisdiction in which such offer, solicitation or sale would
be unlawful prior to the registration or qualification under the
securities laws of any such state or other jurisdiction.
FORWARD-LOOKING STATEMENTS
This press release contains certain
forward-looking information about Sientra, Inc. that is intended to
be covered by the safe harbor for “forward-looking statements”
provided by the Private Securities Litigation Reform Act of 1995,
as amended. Forward-looking statements are statements that are not
historical facts. Words such as “expect(s),” “feel(s),”
“believe(s),” “will,” “may,” “anticipate(s)” and similar
expressions are intended to identify forward-looking statements.
These statements include, but are not limited to, statements about
the Company’s expectations regarding its capital raising efforts,
including the closing of the public offering, the underwriters’
exercise of their option to purchase additional shares and the
Company’s intended use of proceeds. All such statements are subject
to certain risks and uncertainties, many of which are difficult to
predict and generally beyond the control of the Company, which
could cause actual results to differ materially from those
expressed in, or implied or projected by, the forward-looking
information and statements. These risks and uncertainties include,
but are not limited to, risks related to: the Company’s history of
operating losses, the Company’s ability to successfully
commercialize its products, inherent risk and uncertainty in the
protection of intellectual property rights, ability to maintain
gross margins, regulatory uncertainties regarding approval or
clearance for the Company’s products, as well as other risks and
uncertainties described under the “Risk Factors” contained in the
Company’s periodic and interim SEC reports, including but not
limited to, the preliminary prospectus supplement relating to this
offering, its Annual Report on Form 10-K for the fiscal year ended
December 31, 2018, and its Current Reports on Form 8-K filed from
time to time with the SEC. Readers are cautioned not to place undue
reliance on these forward-looking statements that speak only as of
the date hereof, and the Company does not undertake any obligation
to revise and disseminate forward-looking statements to reflect
events or circumstances after the date hereof, or to reflect the
occurrence of or non-occurrence of any events.
Investor Contact:
Neil Bhalodkar
(805) 679-8845
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