REDWOOD CITY, Calif.,
Nov. 9, 2018 /PRNewswire/
-- AcelRx Pharmaceuticals, Inc. (Nasdaq: ACRX) today announced
the pricing of its previously announced underwritten public
offering of 12,698,412 shares of its common stock, at a public
offering price of $3.15 per share.
The gross proceeds to AcelRx from this offering, before deducting
underwriting discounts and commissions, and other estimated
offering expenses payable by AcelRx, are expected to be
approximately $40 million. All of the
shares in the offering are to be sold by AcelRx. The offering is
expected to close on or about November 14,
2018, subject to the satisfaction of customary closing
conditions. AcelRx has granted the underwriters a 30-day option to
purchase up to an aggregate of 1,904,761 additional shares of
common stock at the initial public offering price, less the
underwriting discounts and commissions.
Credit Suisse Securities (USA)
LLC, Jefferies LLC, Cantor Fitzgerald & Co. and RBC Capital
Markets, LLC are acting as joint book-running managers for the
offering.
AcelRx intends to use the net proceeds from the offering, in
addition to its existing cash resources, to fund the commercial
launch of DSUVIA and for general corporate purposes.
A shelf registration statement on Form S-3 relating to the
public offering of the shares of common stock described above was
filed with the Securities and Exchange Commission (the "SEC") and
is effective. The offering will be made solely by means of a
prospectus supplement and accompanying prospectus. A preliminary
prospectus supplement relating to the offering has been filed with
the SEC and a final prospectus supplement relating to the offering
will be filed with the SEC and will be available on the SEC's web
site at www.sec.gov. Copies of the final prospectus supplement and
the accompanying prospectus may also be obtained by contacting
Credit Suisse Securities (USA)
LLC, Attention: Prospectus Department, One Madison Avenue,
New York, NY 10010, or by
telephone at (800) 221-1037, or by e-mail at
newyork.prospectus@credit-suisse.com; or Jefferies LLC, Attention:
Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd
Floor, New York, NY 10022, or by
e-mail at Prospectus_Department@Jefferies.com, or by phone at (877)
821-7388.
This press release does not constitute an offer to sell, a
solicitation of an offer to sell or a solicitation of an offer to
buy the securities described herein, 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, Inc. is a specialty pharmaceutical
company focused on the development and commercialization of
innovative therapies for use in medically supervised settings.
Forward-Looking Information is Subject to Risk and
Uncertainty
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 of the public offering.
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 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 AcelRx and its business can be
found under the heading "Risk Factors" in the preliminary
prospectus supplement related to the offering filed with the SEC on
November 9, 2018 and the "Risk
Factors" incorporated therein by reference to the AcelRx's
Quarterly Report on Form 10-Q for quarter ended September 30, 2018, filed with the SEC on
November 5, 2018. 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.
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SOURCE AcelRx Pharmaceuticals, Inc.