Avadel Pharmaceuticals Announces Pricing of Public Offering
29 4월 2020 - 9:28AM
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 the pricing
of an underwritten public offering of 11,630,000 ordinary shares,
in the form of American Depositary Shares (“ADSs”) at a price to
the public of $10.75 per ADS. Each ADS represents the right to
receive one ordinary share. All of the ADSs are being offered by
Avadel. The gross proceeds to Avadel from the offering are expected
to be approximately $125.0 million, before deducting underwriting
discounts and commissions and estimated offering expenses.
In connection with the public offering, Avadel has
granted the underwriters a 30-day option to purchase up to an
additional 1,744,500 ADSs at the public offering price less the
underwriting discounts and commissions. The closing of the offering
is expected to occur on May 1, 2020, subject to customary closing
conditions.
Jefferies LLC, Piper Sandler & Co. and Stifel,
Nicolaus & Company, Incorporated are acting as the joint
book-running managers for the offering. H.C. Wainwright & Co.,
LLC is acting as the lead manager and Ladenburg Thalmann & Co.
Inc. and Craig-Hallum Capital Group LLC are acting as co-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 dated April 27, 2020 relating to and describing the
terms of the offering was filed with the SEC. The final prospectus
supplement relating to the offering will be available on the SEC’s
website at www.sec.gov. Copies of the preliminary prospectus
supplement and the accompanying prospectus and the final prospectus
supplement, 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 anticipated closing of the 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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