CTRV - ContraVir Pharmaceuticals, Inc. Pricing Underwritten Public Offering Of Common Stock
>EDISON, N.J., Oct. 7, 2015 /PRNewswire/ --
ContraVir Pharmaceuticals, Inc. (CTRV) ("ContraVir" or the "Company"), a biopharmaceutical company focused on the development and commercialization of targeted antiviral therapies, today announced the pricing of an underwritten public offering of 5,000,000 shares of its common stock and warrants to purchase up to 3,000,000 shares of the Company's common stock at a fixed combined price to the public of $3.00. The shares of common stock and warrants will be issued separately. The warrants will be exercisable for a period of five years following the issuance thereof at an exercise price of $4.25 per share. There is no established public trading market for the warrants and ContraVir does not expect a market to develop in the future. ContraVir has also granted to the underwriters a 45-day option to purchase up to an additional 750,000 shares of its common stock and warrants to purchase up to 450,000 shares of common stock to cover overallotments in connection with the offering. The gross proceeds to ContraVir from this offering are expected to be $15,000,000, before deducting the underwriting discount and other estimated offering expenses payable by the Company, and assuming no exercise of the overallotment option. The offering is expected to close on or about October 13, 2015, subject to customary closing conditions.
Laidlaw & Company (UK) Ltd. is the sole book-running manager for the offering. Noble Financial Capital Markets acted as a financial advisor to the Company in connection with the offering.
ContraVir intends to use the net proceeds from this offering to fund its research and development activities, including ContraVir's ongoing clinical trials, and for working capital and other general corporate purposes, and possibly acquisitions of other companies, products or technologies, though no such acquisitions are currently contemplated.
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