REDWOOD CITY, Calif.,
Dec. 6, 2012 /PRNewswire/ -- AcelRx
Pharmaceuticals, Inc. (Nasdaq: ACRX), today announced the pricing
of its previously announced underwritten public offering of
12,500,000 shares of its common stock, offered at a price of
$3.31 per share to the public.
The gross proceeds to AcelRx from this offering are expected to be
approximately $41.38 million, before
deducting underwriting discounts and commissions, and other
estimated offering expenses payable by AcelRx. All of the
shares in the offering are to be sold by AcelRx. The offering is
expected to close on or about December 12, 2012, subject to the
satisfaction of customary closing conditions. AcelRx has
granted the underwriters a 30-day option to purchase up to an
aggregate of 1,875,000 additional shares of common stock.
Jefferies & Company, Inc. and Cowen and Company, LLC are
acting as joint book-running managers for the proposed offering,
with Canaccord Genuity Inc. acting as co-lead manager.
A registration statement on Form S-1 relating to the public
offering of the shares of common stock described above was filed
with the Securities and Exchange Commission and is effective.
This offering is being made only by means of a written prospectus
forming part of the effective registration statement. When
available, copies of the final prospectus related to the offering
may be obtained from the offices of Jefferies & Company, Inc.,
Equity Syndicate Prospectus Department, at 520 Madison Avenue,
New York, NY, 10022 (Telephone
number (877) 547-6340), or by emailing
Prospectus_Department@Jefferies.com, or from the offices of Cowen
and Company, LLC c/o Broadridge Financial Services, 1155 Long
Island Avenue, Edgewood, NY,
11717, Prospectus Department, (Telephone number (631)
274-2806).
This press release shall not constitute an offer to sell or the
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 AcelRx Pharmaceuticals, Inc.
AcelRx
Pharmaceuticals is a specialty pharmaceutical company focused on
the development and commercialization of innovative therapies for
the treatment of acute and breakthrough pain.
Forward Looking Statements
Certain of the
statements made in this press release are forward looking, such as
those, among others, relating to AcelRx's expectations regarding
the completion, timing and size of the public offering and the
amount of gross proceeds to be received. Actual results or
developments may differ materially from those projected or implied
in these forward-looking statements. Factors that may cause such a
difference include, without limitation, risks and uncertainties
related to market and other conditions, the satisfaction of
customary closing conditions related to the public offering and the
impact of general economic, industry or political conditions in
the United States or
internationally. There can be no assurance that AcelRx will be able
to complete the public offering at the anticipated size or on the
anticipated terms, or at all. AcelRx will need to raise additional
capital to fund its operations and may be unable to raise capital
when needed, which would force AcelRx to delay, reduce or eliminate
its product development programs or commercialization efforts. You
should not place undue reliance on these forward-looking
statements, which apply only as of the date of this press
release. Additional risks and uncertainties relating to the
proposed offering, AcelRx and its business can be found under the
heading "Risk Factors" in the prospectus included in AcelRx's
Registration Statement on Form S-1 (File No. 333-185067), initially
filed with the SEC on November 20,
2012. AcelRx expressly disclaims any obligation or
undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change
in its expectations with regard thereto or any change in events,
conditions or circumstances on which any such statements are
based.
SOURCE AcelRx Pharmaceuticals, Inc.