SAN DIEGO and VANCOUVER, British Columbia, Aug. 30, 2019 /PRNewswire/ -- Sophiris Bio
Inc. (Nasdaq: SPHS) (the "Company" or "Sophiris"), a
biopharmaceutical company studying topsalysin (PRX302), a
first-in-class, pore-forming protein, in late-stage clinical trials
for the treatment of patients with urological diseases, today
announced the completion of its previously announced registered
direct offering of 5,333,334 common shares (or pre-funded warrants
to purchase common shares) for an effective price of $0.75 per share with a single healthcare-focused
institutional investor. In addition to the common shares (or
pre-funded warrants to purchase common shares), in a concurrent
private placement, Sophiris issued the investor warrants to
purchase up to 5,333,334 common shares (the "purchase warrants"),
which represent 100% of the number of common shares (or pre-funded
warrants to purchase common shares) issued in the registered direct
offering, with an exercise price of $0.95 per share and a five-year exercise period
commencing six (6) months following the issuance date of such
purchase warrants.
H.C. Wainwright & Co. acted as the exclusive placement agent
for the offering.
The gross proceeds to Sophiris from the offering, before
deducting the placement agent's fees and other estimated offering
expenses payable by Sophiris, are approximately $4.0 million.
The common shares (or pre-funded warrants to purchase common
shares) (but not the purchase warrants or the common shares
underlying such purchase warrants) were sold in the registered
direct offering by Sophiris pursuant to a "shelf" registration
statement on Form S-3 (Registration No. 333-219887), including a
base prospectus, previously filed with and declared effective by
the Securities and Exchange Commission (the "SEC") on August 30, 2017. A final prospectus supplement
and the accompanying base prospectus relating to the registered
direct offering has been filed with the SEC and is available on the
SEC's website located at http://www.sec.gov. Electronic copies of
the prospectus supplement and accompanying base prospectus may also
be obtained by contacting H.C. Wainwright & Co., LLC at 430
Park Avenue, 3rd Floor, New York,
NY 10022, by phone at 646-975-6996 or e-mail at
placements@hcwco.com.
The purchase warrants were offered in a private placement under
Section 4(a)(2) of the Securities Act of 1933, as amended (the
"Act"), and Regulation D promulgated thereunder and, along with the
common shares underlying the purchase warrants, have not been
registered under the Act, or applicable state securities laws.
Accordingly, the purchase warrants and underlying common shares may
not be offered or sold in the United
States except pursuant to an effective registration
statement or an applicable exemption from the registration
requirements of the Act and such applicable state securities
laws.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy these securities nor shall there be
any sale of these securities in any state or jurisdiction in which
such offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such
state or jurisdiction.
About Sophiris
Sophiris Bio Inc. is a late-stage clinical biopharmaceutical
company developing topsalysin (PRX302) for the treatment of
patients with urological diseases. Topsalysin has completed two
Phase 2 clinical trials for the focal treatment of localized
prostate cancer and has completed one Phase 3 study of topsalysin
for the treatment of the lower urinary tract symptoms of benign
prostatic hyperplasia (BPH). Topsalysin is a highly potent ablative
agent that is selective and targeted in that it is only activated
by enzymatically active PSA which is found in high concentrations
in the transition zone of the prostate and in and around prostate
tumor cells. For more information, please visit
www.sophirisbio.com.
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SOURCE Sophiris Bio Inc.