Axsome Therapeutics Announces Pricing of Public Offering of $174 Million of Shares of Common Stock
December 19 2019 - 6:05AM
Axsome Therapeutics, Inc. (Nasdaq: AXSM) (“Axsome” or the
“Company”), a clinical-stage biopharmaceutical company developing
novel therapies for the management of central nervous system (CNS)
disorders, today announced the pricing of an underwritten public
offering of 2,000,000 shares of its common stock at a public
offering price of $87.00 per share. The proceeds from the
offering, before deducting the underwriting discounts and
commissions and other estimated offering expenses payable by
Axsome, are expected to be $174.0 million. In addition, Axsome
has granted the underwriters a 30-day option to purchase up to
300,000 additional shares of common stock at the public offering
price, less the underwriting discounts and commissions. The
offering is expected to close on or about December 23, 2019,
subject to customary closing conditions.
Axsome intends to use the proceeds from this
offering to continue to fund the ongoing clinical development of
its late stage product candidates and for other general corporate
purposes, including funding existing and potential new clinical
programs and product candidates. Additional indications may be
explored with the use of proceeds.
SVB Leerink is acting as lead bookrunning
manager for the offering. Morgan Stanley is acting as joint
bookrunning manager for the offering. Cantor Fitzgerald & Co.,
Ladenburg Thalmann & Co. Inc., SunTrust Robinson Humphrey, Inc.
and William Blair & Company, L.L.C. are acting as co-lead
managers for the Offering. BTIG, LLC and H.C. Wainwright & Co.
are acting as co-managers for the Offering.
The shares of common stock described above are
being offered by Axsome pursuant to its shelf registration
statement on Form S-3 previously filed and declared effective by
the Securities and Exchange Commission (the “SEC”).
The offering may be made only by means of a prospectus supplement
and accompanying prospectus. A preliminary prospectus supplement
and accompanying prospectus relating to the offering has been filed
with the SEC and is available on the SEC’s website at
http://www.sec.gov. A final prospectus supplement and accompanying
prospectus will be filed with the SEC, copies of which may be
obtained, when available, by contacting SVB
Leerink, Attention: Syndicate Department, One Federal Street,
37th Floor Boston, MA, 02110, by telephone at 1-800-808-7525,
ext. 6132, or by email at syndicate@svbleerink.com and Morgan
Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick
Street, 2nd Floor, New York, NY 10014.
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 registration or qualification under the
securities laws of any such state or jurisdiction.
About Axsome Therapeutics,
Inc. Axsome Therapeutics, Inc. is a clinical-stage
biopharmaceutical company developing novel therapies for the
management of central nervous system (CNS) disorders for which
there are limited treatment options. Axsome’s core CNS product
candidate portfolio includes four clinical-stage candidates,
AXS-05, AXS-07, AXS-09, and AXS-12. AXS-05 is currently in a Phase
3 trial in treatment resistant depression (TRD), a Phase 2/3 trial
in agitation associated with Alzheimer’s disease (AD), and is being
developed for major depressive disorder (MDD). AXS-05 is also being
developed for smoking cessation treatment. AXS-07 is currently in
two Phase 3 trials for the acute treatment of migraine. AXS-12 is
being developed for the treatment of narcolepsy. AXS-05, AXS-07,
AXS-09, and AXS-12 are investigational drug products not approved
by the FDA.
Forward Looking Statements
Certain matters discussed in this press release
are “forward-looking statements”. We may, in some cases, use terms
such as “predicts,” “believes,” “potential,” “continue,”
“estimates,” “anticipates,” “expects,” “plans,” “intends,” “may,”
“could,” “might,” “will,” “should” or other words that convey
uncertainty of future events or outcomes to identify these
forward-looking statements. In particular, the Company’s statements
regarding trends and potential future results are examples of such
forward-looking statements. The forward-looking statements include
risks and uncertainties, including, but not limited to, the
anticipated final terms, timing and completion of the proposed
offering; the success, timing and cost of our ongoing clinical
trials and anticipated clinical trials for our current product
candidates, including statements regarding the timing of initiation
and completion of the trials; the timing of and our ability to
obtain and maintain U.S. Food and Drug Administration or other
regulatory authority approval of, or other action with respect to,
our product candidates; the Company’s ability to successfully
defend its intellectual property or obtain the necessary licenses
at a cost acceptable to the Company, if at all; the successful
implementation of the Company’s research and development programs
and collaborations; the success of the Company’s license
agreements; the acceptance by the market of the Company’s product
candidates, if approved; and other factors, including general
economic conditions and regulatory developments, not within the
Company’s control. The factors discussed herein could cause actual
results and developments to be materially different from those
expressed in or implied by such statements. The forward-looking
statements are made only as of the date of this press release and
the Company undertakes no obligation to publicly update such
forward-looking statements to reflect subsequent events or
circumstance.
Axsome Contact:
Mark Jacobson Senior Vice President, Operations
Axsome Therapeutics, Inc. 200 Broadway, 3rd Floor New York, NY
10038 Tel: 212-332-3243
Email: mjacobson@axsome.com www.axsome.com
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