Sophiris Bio Closes $65 Million Public Offering
SAN DIEGO and VANCOUVER, Aug. 23, 2013 /PRNewswire/ - Sophiris Bio Inc. (NASDAQ: SPHS, TSX: SHS) (the "Company" or "Sophiris"), a biopharmaceutical company developing a clinical-stage, targeted treatment for the symptoms of benign prostatic hyperplasia (BPH or enlarged prostate), today announced that it has closed its previously announced initial U.S. public offering (the "Offering"). The Company issued 13,000,000 common shares at a price of US$5.00 per share for aggregate gross proceeds of US$65 million.
The Offering was underwritten by Citigroup and Leerink Swann, as joint book-running managers, with Stifel and Lazard Capital Markets acting as co-managers (collectively the "Underwriters"). The Company has granted the Underwriters a 30-day over-allotment option to purchase up to an additional 1,950,000 shares at a price of US$5.00 per share.
The Company intends to use the net proceeds to fund the first planned Phase 3 clinical trial of PRX302 for the treatment of the symptoms of BPH, to service its outstanding debt owing under a secured promissory note and for general corporate purposes.
Sophiris Bio Inc. is a biopharmaceutical company developing a clinical-stage, targeted treatment for the symptoms of benign prostatic hyperplasia (BPH or enlarged prostate), which it believes is an unsatisfied market with significant market potential. Sophiris' lead candidate for BPH, PRX302, is designed to be as efficacious as pharmaceuticals, less invasive than the surgical interventions, and without the sexual side effects seen with existing treatments. Sophiris is planning to begin a Phase 3 clinical trial of PRX302 in the second half of 2013.
Forward Looking Statements
Certain statements included in this press release may be considered forward-looking. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements, and therefore these statements should not be read as guarantees of future performance or results. All forward-looking statements are based on Sophiris' current beliefs as well as assumptions made by and information currently available to Sophiris and relate to, among other things, our use of proceeds, the exercise by the underwriters of the over-allotment option, anticipated financial performance, business prospects, strategies, regulatory developments, market acceptance and future commitments. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Due to risks and uncertainties, including the risks and uncertainties identified by Sophiris in its public securities filings; actual events may differ materially from current expectations. Sophiris disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Sophiris Bio, Inc.