Ordinary shares outstanding prior to this offering: 82,488,969 ordinary shares (including 21 shares held in treasury). Such number of ordinary shares would be represented by 4,124,448 of our ADSs.
Ordinary shares to be outstanding after this offering: 130,065,429 would be represented by 6,503,271 ADS.
Use of proceeds:we intend to use the net proceeds of this offering to fund the possible acquisition of new therapeutic candidates and for general working capital purposes. See “Use of Proceeds” beginning on page 29.
PG.29 " We estimate that our net proceeds from this offering will be approximately $10.7 million, after deducting the placement agent fees and estimated offering expenses payable by us
We intend to use the net proceeds of this offering to fund the possible acquisition of new therapeutic candidates and for general working capital purposes. We currently have no binding agreements or commitments to complete any transaction for the possible acquisition of new therapeutic candidates, though we are involved in negotiations with a number of possible candidates. There is no certainty that we will be able to complete any transactions for the possible acquisition of new therapeutic candidates.
Our expected use of net proceeds from the offering represents our current intentions based upon our present plans and business condition. As of the date of this prospectus, we cannot predict with certainty any or all of the particular uses for the net proceeds we received upon the completion of the offering, or the amounts, if any, that we will actually spend on the uses set forth above. The amounts and timing of our actual use of the net proceeds will vary depending on numerous factors, including, our ability to identify additional therapeutic candidates to be acquired or developed, and our ability to finalize any negotiations and enter into definitive agreements in connection with the possible acquisition of new therapeutic candidates, and to close such transactions. As a result, our management will have broad discretion in the application of the net proceeds, which may include uses not set forth above, and investors in our securities will be relying on our judgment regarding the application of the net proceeds from the offering.
Each Series A warrant will have an exercise price of $3.78 per full ADS (as adjusted upon the consummation of this offering in accordance with the terms of the Series A warrants), and will be exercisable at any time after the date of issuance and will expire November 25, 2020.
"On May 12, 2016, we announced that we had received the minutes from the FDA of the pre-NDA submission meeting held during April 2016. The FDA requested that the clinical study results be reviewed to check and make sure no patients suffered adverse consequences from the enhanced blood pressure reduction resulting from the synergy of celecoxib and amlodipine. We are unaware of any such events occurring, and intend to include a detailed review in the safety section of our NDA. In addition, to further establish safety, the FDA requested a literature search related to animal studies of celecoxib and amlodipine be included in the NDA. The FDA also requested documentation of a clinical need for KIT-302 such as by identifying how many patients receive celecoxib on a chronic basis. We intend to provide this documentation by using one or more of the various computerized patient care databases or pharmacy benefit managers. Finally, the FDA requested that the statistical calculation for the primary efficacy endpoint be performed using an alternate mathematical technique. Our statistician has already conducted this calculation and determined that the primary efficacy endpoint was successfully met with the new calculation method. "
Cash and cash equivalents as of today: $21.2 m
