Avadel Pharmaceuticals Announces Proposed Underwritten Public Offering
28 4월 2020 - 7:07AM
Avadel Pharmaceuticals plc (Nasdaq: AVDL), a company focused on
developing FT218, an investigational, once-nightly formulation of
sodium oxybate for treating excessive daytime sleepiness and
cataplexy in patients with narcolepsy, announced today that it is
commencing an underwritten public offering of $100 million in
ordinary shares, in the form of American Depositary Shares
(“ADSs”). Each ADS represents the right to receive one ordinary
share. All of the ADSs are being offered by Avadel. In connection
with the offering, Avadel intends to grant the underwriters a
30-day option to purchase up to an additional $15 million in ADSs
at the public offering price less the underwriting discounts and
commissions. The ADSs are listed under the symbol “AVDL” on the
Nasdaq Global Market.
The closing of the offering is subject to market
and other conditions, and there can be no assurance as to whether
or when the offering may be completed or as to the actual size or
terms of the offering. The size of the offering and the price per
share of the ADSs placed in the offering will be determined
following the bookbuilding process.
Jefferies LLC, Piper Sandler & Co. and Stifel,
Nicolaus & Company, Incorporated are acting as the joint
book-running managers for the offering.
The securities are being offered pursuant to an
effective shelf registration statement that was previously filed
with, and declared effective by, the U.S. Securities and Exchange
Commission (“SEC”) (File No. 333-236258). A preliminary prospectus
supplement and accompanying prospectus supplement relating to and
describing the terms of the offering will be filed with the SEC and
will be available on the SEC’s website at www.sec.gov. Copies of
the preliminary prospectus supplement and the accompanying
prospectus, when available, can also be obtained for free from
Jefferies LLC, Attention: Equity Syndicate Prospectus Department,
520 Madison Avenue, 2nd Floor, New York, New York 10022; by phone
at 877-821-7388; or by email at
Prospectus_Department@Jefferies.com, Piper Sandler & Co.,
Attention Prospectus Department, 800 Nicollet Mall, J12S03,
Minneapolis, Minnesota 55402; by phone at 800-747-3924; or by email
at prospectus@psc.com, or Stifel, Nicolaus & Company,
Incorporated, Attention: Syndicate, One Montgomery Street, Suite
3700, San Francisco, California 94104, by telephone at 415-364-2720
or by email at syndprospectus@stifel.com.
This press release does not constitute an offer to
sell nor a solicitation of an offer to buy, nor shall there be any
sale of securities in any state or jurisdiction in which such an
offer, solicitation or sale is or would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
About Avadel Pharmaceuticals
plc: Avadel Pharmaceuticals plc (Nasdaq: AVDL) is an
emerging biopharmaceutical company. The Company’s primary focus is
the development and potential FDA approval of FT218,
which has completed a Phase 3 clinical trial for the treatment of
narcolepsy patients suffering from excessive daytime sleepiness
(EDS) and cataplexy. In addition, Avadel develops and markets a
portfolio of sterile injectable drugs used in the hospital
setting.
Cautionary Disclosure Regarding
Forward-Looking Statements This press release includes
“forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. These forward-looking statements relate to
our future expectations, beliefs, plans, strategies, objectives,
results, conditions, financial performance, prospects, or other
events. Such forward-looking statements include, but are not
limited to, those regarding the completion and size of the proposed
public offering and Avadel’s expectation with respect to granting a
30-day option to purchase additional ADSs. In some cases,
forward-looking statements can be identified by the use of words
such as “will,” “may,” “believe,” “expect,” “look forward,” “on
track,” “guidance,” “anticipate,” “estimate,” “project” and similar
expressions, and the negatives thereof (if applicable).
Our forward-looking statements are based on
estimates and assumptions that are made within the bounds of our
knowledge of our business and operations and that we consider
reasonable. However, our business and operations are subject to
significant risks, and, as a result, there can be no assurance that
actual results of our research, development and commercialization
activities and the results of our business and operations will not
differ materially from the results contemplated in such
forward-looking statements. Factors that could cause actual results
to differ from expectations in our forward-looking statements
include the risks and uncertainties described in the “Risk Factors”
section of Part I, Item 1A of our Annual Report on Form 10-K for
the year ended December 31, 2019, which we filed with
the Securities and Exchange Commission on March 16,
2020, the preliminary prospectus supplement related to this
offering and subsequent filings.
Forward-looking statements speak only as of the
date they are made and are not guarantees of future performance.
Accordingly, you should not place undue reliance on forward-looking
statements. We do not undertake any obligation to publicly update
or revise our forward-looking statements, except as required by
law. Contacts:Tom McHugh Chief
Financial Officer Phone: (636) 449-1843
Email: tmchugh@avadel.com
Avadel Pharmaceuticals (NASDAQ:AVDL)
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Avadel Pharmaceuticals (NASDAQ:AVDL)
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