Sientra Announces Pricing of Public Offering of Common Stock
February 08 2021 - 9:30PM
Sientra, Inc. (NASDAQ: SIEN) (“Sientra” or the “Company”), a
medical aesthetics company uniquely focused on plastic surgeons,
today announced the pricing of its previously announced
underwritten public offering. The Company will sell 5,410,628
shares of its common stock at a public offering price of $6.75 per
share. The gross proceeds to Sientra, before deducting the
underwriting discounts and commissions and estimated offering
expenses, are expected to be approximately $36.5 million. The
offering is expected to close on or about February 11, 2021,
subject to customary closing conditions. In addition, the Company
has granted the underwriters a 30-day option to purchase up to
811,594 additional shares at the public offering price, less
underwriting discounts and commissions.
Sientra intends to use the net proceeds from this offering 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 is acting as book-running manager 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
preliminary 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.
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.
About Sientra
Headquartered in Santa Barbara, California, Sientra is a medical
aesthetics company uniquely focused on plastic surgeons. The
Company offers a suite of products designed to make a difference in
patients' lives by enhancing their body image, growing their
self-esteem, and restoring their confidence. Sientra has developed
a broad portfolio of products with technologically differentiated
characteristics, supported by independent laboratory testing and
strong clinical trial outcomes. The Company’s Breast Products
Segment includes its Sientra round and shaped breast implants, the
first fifth generation breast implants approved by the FDA for sale
in the United States, its Allox2® breast tissue expander with
patented dual-port and integral drain technology, and BIOCORNEUM®
scar gel. The Company’s miraDry Segment, comprised of its miraDry®
system, is approved for sale in over 56 international markets and
is the only non-surgical, FDA-cleared device indicated for the
permanent reduction of underarm sweat and hair and may also reduce
odor.
FORWARD-LOOKING STATEMENTS
This press release contains “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, based on management’s current assumptions and expectations
of future events and trends, which affect or may affect the
Company’s business, strategy, operations or financial performance,
and actual results may differ materially from those expressed or
implied in such statements due to numerous risks and uncertainties.
Forward-looking statements are made only as of the date of this
release. The words ‘‘believe,’’ ‘‘may,’’ ‘‘might,’’ ‘‘could,’’
‘‘will,’’ ‘‘aim,’’ ‘‘estimate,’’ ‘‘continue, ‘‘anticipate,’’
‘‘intend,’’ ‘‘expect,’’ ‘‘plan,’’ ‘‘position,” or the negative of
those terms, and similar expressions that convey uncertainty of
future events or outcomes are intended to identify estimates,
projections and other forward-looking
statements. Forward-looking statements may include statements
about the Company’s expectations regarding its capital raising
efforts, including the public offering, the underwriters’ 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, the scope and duration of the COVID-19 pandemic, the
Company’s ability to recapture delayed procedures resulting from
the COVID-19 pandemic, the positive reaction from plastic
surgeons and their patients to Sientra’s Breast Products, the
ability to meet consumer demand, the growth of the sale of
bioTips in its miraDry segment, the Company’s ability
to manage its operating expenses and cash balance, 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, 2019, 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.
Contact:
Investor Relations(805) 679-8845
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