[November 25, 2014] |
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Eleven Biotherapeutics Announces Additional Financing of $20 Million
CAMBRIDGE, Mass. --(Business Wire)--
Eleven Biotherapeutics (NASDAQ: EBIO), a clinical-stage
biopharmaceutical company discovering and developing protein
therapeutics to treat diseases of the eye, today announced that it has
entered into a securities purchase agreement for the sale of $20 million
of Eleven Biotherapeutics common stock and warrants in a private
placement financing with a select group of investors.
The investment in Eleven consists of the sale and issuance of 1,743,680
shares of common stock at $11.47 per share, the closing bid price
reported by NASDAQ on November 24, 2014, as well as the sale and
issuance of warrants to purchase approximately 871,840 shares of common
stock at an exercise price of $15 per share. The warrants will expire
three years from the date of issuance. The transaction is expected to
close on or about December 1, 2014, subject to the satisfaction of
certain customary closing conditions. Citigroup Global Markets Inc.,
Cowen and Company, LLC, and Leerink Partners LLC acted as placement
agents in connection with the offering.
The Company will receive aggregate gross proceeds of approximately $20
million. Funding from the financing will be used to further advance
Eleven's pipeline of protein therapeutics to treat diseases of the eye.
Data from Eleven's first pivotal Phase 3 clinical study for EBI-005 in
patients with dry eye disease is expected in the second quarter of 2015.
"We believe this financing provides additional resources for the
development of EBI-005 for treatment of moderate to severe dry eye
disease and moderate to severe allergic conjunctivitis," said Abbie
Celniker, PhD, President and Chief Executive Officer. "We also look
forward to advancing EBI-031, our novel IL-6 inhibitor for treatment of
back of the eye diseases such as diabetic macular edema and uveitis,
toward the clinic."
The securities sold in this private placement have not been registered
under the Securities Act of 1933, as amended (the "Securities Act"), o
applicable state securities laws, and accordingly may not be offered or
sold in the United States except pursuant to an effective registration
statement or an applicable exemption from the registration requirements
of the Securities Act and such applicable state securities laws. The
Company has agreed to file a registration statement with the Securities
and Exchange Commission registering the resale of the shares of common
stock issued in this private placement and the shares of common stock
issuable upon the exercise of the warrants issued in the private
placement.
This release does not constitute an offer to sell or the solicitation of
an offer to buy the securities, nor shall there be any sale of the
securities in any state in which such offer, solicitation or sale would
be unlawful prior to the registration or qualification under the
securities laws of such state. Any offering of the securities under the
resale registration statement will only be by means of a prospectus.
About Eleven Biotherapeutics
Eleven Biotherapeutics, Inc. is a clinical-stage biopharmaceutical
company with a proprietary protein engineering platform, called AMP-Rx,
that it applies to the discovery and development of protein therapeutics
to treat diseases of the eye. Eleven's therapeutic approach is based on
the role of cytokines in diseases of the eye, the company's
understanding of the structural biology of cytokines and the company's
ability to rationally design and engineer proteins to modulate the
effects of cytokines. Cytokines are cell signaling molecules found in
the body that can have important inflammatory effects.
Cautionary Note on Forward-Looking Statements
Any statements in this press release about future expectations, plans
and prospects for the Company, including statements about the Company's
strategy, future operations, advancement or maturation of its product
candidates and product pipeline, clinical development of the Company's
therapeutic candidates, including expectations regarding timing of
initiation of clinical trials, patient enrollment and availability of
results, regulatory requirements for initiation of clinical trials and
registration of product candidates, sufficiency of cash resources and
other statements containing the words "anticipate," "believe,"
"estimate," "expect," "intend," "may," "plan," "predict," "project,"
"target," "potential," "will," "would," "could," "should," "continue,"
and similar expressions, constitute forward-looking statements within
the meaning of The Private Securities Litigation Reform Act of 1995.
Actual results may differ materially from those indicated by such
forward-looking statements as a result of various important factors,
including: the uncertainties inherent in the initiation and conduct of
clinical trials, availability and timing of data from ongoing clinical
trials, whether results of early clinical trials will be indicative of
the results of future trials, the adequacy of any clinical models,
uncertainties associated with regulatory review of clinical trials and
applications for marketing approvals and other factors discussed in the
"Risk Factors" section of the Company's most recent quarterly report on
Form 10-Q filed with the Securities and Exchange Commission and other
reports on file with the Securities and Exchange Commission. In
addition, the forward-looking statements included in this press release
represent the Company's views as of the date hereof. The Company
anticipates that subsequent events and developments will cause the
Company's views to change. However, while the Company may elect to
update these forward-looking statements at some point in the future, the
Company specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as representing the
Company's views as of any date subsequent to the date hereof.
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