CAMBRIDGE, Mass.--(BUSINESS WIRE)--Nov. 1, 2017--
Eleven Biotherapeutics, Inc. (“Eleven” or the “Company”) (NASDAQ:EBIO),
a late-stage clinical oncology company advancing novel product
candidates based on its Targeted Protein Therapeutics (TPTs) platform,
today announced the pricing of an underwritten public offering of
5,525,000 shares of its common stock, pre-funded warrants to purchase an
aggregate of 4,475,000 shares of common stock, and common warrants to
purchase up to an aggregate of 10,000,000 shares of common stock. Each
share of common stock or pre-funded warrant, as applicable, is being
sold together with a common warrant to purchase one share of common
stock at a combined effective price to the public of $0.80 per share and
accompanying common warrant.
H.C. Wainwright & Co., LLC is acting as the sole book-running manager
for the offering.
The common warrants will be exercisable immediately at an exercise price
of $0.80 per share and will expire five years from the date of issuance.
The shares of common stock or pre-funded warrants, as applicable, and
the accompanying common warrants can only be purchased together in this
offering but will be issued separately. This offering is expected to
close on or about November 3, 2017, subject to customary closing
In addition, Eleven has granted the underwriter a 30-day option to
purchase up to 1,500,000 additional shares of common stock at a purchase
price of $0.79 per share and/or common warrants to purchase up to an
aggregate of 1,500,000 shares of common stock at a purchase price of
$0.01 per common warrant with an exercise price of $0.80 per share to
cover over-allotments, if any, less the underwriting discounts and
The gross proceeds of the offering are expected to be approximately $8.0
million, prior to deducting underwriting discounts and commissions and
estimated offering expenses.
Eleven intends to use the net proceeds from this offering to continue to
fund the clinical development of its lead product candidate Vicinium and
for general corporate purposes, which may include capital expenditures
and funding its working capital needs.
A registration statement on Form S-1 (File No. 333- 220809) relating to
these securities was declared effective by the Securities and Exchange
Commission (SEC) on October 31, 2017. This offering is being made only
by means of a prospectus forming part of the effective registration
statement. A preliminary prospectus relating to and describing the terms
of the offering has been filed with the SEC. Copies of the preliminary
prospectus, and when available, copies of the final prospectus relating
to the offering may be obtained for free by visiting the SEC's website
or from H.C. Wainwright & Co., LLC, 430 Park Avenue, 4th Floor, New
York, New York 10022, by email at firstname.lastname@example.org
or by telephone at 646-975-6996.
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 other 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 other jurisdiction.
About Eleven Biotherapeutics
Eleven Biotherapeutics, Inc. is a late-stage, clinical oncology company
advancing novel product candidates based upon the Company’s targeted
protein therapeutics (TPTs) platform. The Company’s TPTs incorporate a
tumor-targeting antibody fragment and a protein cytotoxic payload into a
single protein molecule in order to achieve focused tumor cell killing.
The Company believes its TPT approach offers significant advantages in
treating cancer over existing antibody drug conjugate technologies. The
Company believes its TPTs provide effective tumor targeting with broader
cancer cell-killing properties than are achievable with small molecule
payloads that require tumor cell proliferation and face multi-drug
resistant mechanisms. Additionally, the Company believes that its TPT’s
cancer cell-killing properties promote an anti-tumor immune response
that will potentially combine well with immune oncology drugs such as
checkpoint inhibitors. For more information, please refer to the
Company’s website at www.elevenbio.com.
Cautionary Note on Forward-Looking Statements:
Any statements in this press release about future expectations, plans
and prospects for the Company, the Company’s strategy, future
operations, and other statements containing the words “anticipate,”
“believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,”
“project,” “target,” “potential,” “will,” “would,” “could,” “should,”
“continue,” and similar expressions, constitute forward-looking
statements within the meaning of The Private Securities Litigation
Reform Act of 1995. Actual results may differ materially from those
indicated by such forward-looking statements as a result of various
important factors, including: risks and uncertainties associated with
market conditions and the satisfaction of customary closing conditions
related to the proposed offering, as well as other risks discussed in
the “Risk Factors” section of the Company’s Registration Statement on
Form S-1, as amended (File No. 333-220809), Annual Report on Form 10-K,
Quarterly Reports on Form 10-Q and other reports filed with the
Securities and Exchange Commission. In addition, the forward-looking
statements included in this press release represent the Company’s views
as of the date hereof. The Company anticipates that subsequent events
and developments will cause the Company’s views to change. However,
while the Company may elect to update these forward-looking statements
at some point in the future, the Company specifically disclaims any
obligation to do so. These forward-looking statements should not be
relied upon as representing the Company’s views as of any date
subsequent to the date hereof.
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Source: Eleven Biotherapeutics, Inc.
Stern Investor Relations, Inc.
Michael Schaffzin, 212-362-1200