ROCKVILLE, Md. and CHESTERBROOK, Pa., Jan. 12, 2021 (GLOBE NEWSWIRE) -- Cerecor Inc. (NASDAQ:CERC), a biopharmaceutical company focused on becoming a leader in development and commercialization of treatments for rare pediatric and orphan diseases, announced today the closing of the previously announced underwritten offering of 12,323,077 shares of its common stock at a public offering price of $2.60 per share (the "Public Offering Price"). In addition, and in lieu of common stock, the Company offered to a certain existing investor pre-funded warrants to purchase up to an aggregate of 1,676,923 shares of common stock at a purchase price of $2.599 per pre-funded warrant, which represents the Public Offering Price for the common stock less the $0.001 per share exercise price for each pre-funded warrant. Certain related parties purchased shares of Cerecor common stock in the offering.
Jefferies acted as the sole book-running manager for the offering and Oppenheimer & Co. acted as lead manager for the offering.
The Company also has granted to the underwriters a 30-day option to purchase up to an additional 2,100,000 shares of common stock at the Public Offering Price. The net proceeds to Cerecor from the offering are expected to be approximately $33.6 million (or $38.7 million if the underwriters exercise their option to purchase additional shares of common stock in full), after deducting the underwriting discounts and commissions and estimated offering expenses payable by Cerecor. Cerecor intends to use the net proceeds of the offering for general corporate purposes and working capital, primarily to support the ongoing clinical development of key assets within its pipeline and for general and administrative expenses.
The securities described above were offered by Cerecor pursuant to an effective shelf registration statement on Form S-3 (File No. 333-233978), previously filed with the U.S. Securities and Exchange Commission (the "SEC") on September 27, 2019 and declared effective on October 24, 2019, and the accompanying prospectus contained therein. The offering of securities was made by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A final prospectus relating to and describing the terms of the offering has been filed with the SEC. Copies of the final prospectus relating to the offering may be obtained on the SEC's website at http://www.sec.gov or by contacting Jefferies LLC at 520 Madison Avenue, 2nd Floor, New York, NY 10022, Attention: Equity Syndicate Prospectus Department, by e-mail at [email protected] or by calling (877) 547-6340.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, 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 registration or qualification under the securities laws of any such state or jurisdiction.
About Cerecor Inc.
For more information about Cerecor, please visit www.cerecor.com.
Forward-Looking Statements
For media and investor inquiries
James Harrell
Investor Relations
Chief Commercial Officer
Cerecor Inc.
[email protected]
623.439.2220 office
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