PHILADELPHIA, Oct. 17, 2017 /PRNewswire/ -- Aevi
Genomic Medicine, Inc. (NASDAQ: GNMX)(the
"Company") today announced the completion of a
previously announced private placement of 22.2 million shares of
its common stock with warrants to purchase approximately 4.0
million additional shares of its common stock, for aggregate
proceeds of $28.0 million, before
expenses (the "PIPE"). The Children's Hospital of Philadelphia
Foundation (the "CHOP Foundation") was the lead investor, with
additional participation by other blue-chip investors. The CHOP
Foundation has committed to provide up to an additional
$5.0 million of equity financing
through June 30, 2018, subject to
certain terms and conditions.
The Company intends to use the net proceeds of the PIPE to
further the development of its two lead clinical programs, to
support its ongoing collaboration with Children's Hospital of
Philadelphia, to develop other
product candidates and for general corporate purposes.
Jefferies, LLC served as financial advisor to Aevi Genomic
Medicine for the PIPE and Evercore, LLC served as financial advisor
to the CHOP Foundation in the transaction.
The securities sold in the PIPE have not been registered under
the Securities Act of 1933, as amended (the "Securities Act"), and
will not be able to be offered or sold in the United States absent registration
thereunder or an applicable exemption from the registration
requirements. The Company has agreed to file a resale registration
statement with the Securities and Exchange Commission within 60
days of the PIPE closing to register the resale of the shares of
common stock, including those underlying the warrants, issued in
the PIPE.
This notice does not constitute an offer to sell or the
solicitation of an offer to buy the securities, nor shall there be
any sale of the securities in any state in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of such state.
About Aevi Genomic Medicine, Inc.
Aevi Genomic Medicine, Inc. is dedicated to unlocking the
potential of genomic medicine to translate genetic discoveries into
novel therapies. Driven by a commitment to patients with pediatric
onset life-altering diseases, the Company's research and
development efforts leverage an internal genomics platform and an
ongoing collaboration with the Center for Applied Genomics at The
Children's Hospital of Philadelphia. Based on discoveries from the
genomics collaboration, the Company currently has two programs in
clinical development, AEVI-001 for mGLuR+ ADHD and AEVI-002 for
severe pediatric onset Crohn's disease.
Forward-looking Statements
This release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, Section 21E
of the Securities Exchange Act of 1934 and as that term is defined
in the Private Securities Litigation Reform Act of 1995, which
include all statements other than statements of historical fact,
including (without limitation) those regarding the Company's
development and business strategy, its product candidates and the
plans and objectives of management for future operations. The
Company intends that such forward-looking statements be subject to
the safe harbors created by such laws. Forward-looking statements
are sometimes identified by their use of the terms and phrases such
as "estimate," "project," "intend," "forecast," "anticipate,"
"plan," "planning, "expect," "believe," "will," "will likely,"
"should," "could," "would," "may" or the negative of such terms and
other comparable terminology. All such forward-looking statements
are based on current expectations and are subject to risks and
uncertainties. Should any of these risks or uncertainties
materialize, or should any of the Company's assumptions prove
incorrect, actual results may differ materially from those included
within these forward-looking statements. Accordingly, no undue
reliance should be placed on these forward-looking statements,
which speak only as of the date made. The Company expressly
disclaims any obligation or undertaking to disseminate any updates
or revisions to any forward-looking statements contained herein to
reflect any change in the Company's expectations with regard
thereto or any change in events, conditions or circumstances on
which any such statements are based. As a result of these factors,
the events described in the forward-looking statements contained in
this release may not occur.
CONTACT:
Aevi Genomic Medicine, Inc.
Brian Piper
Brian.Piper@aevigenomics.com
Westwicke Partners
Chris Brinzey
+1-339-970-2843
Chris.brinzey@westwicke.com
MEDIA INQUIRIES:
FTI Consulting
Irma Gomez-Dib
+1-212-850-5761
+1-415-706-9155
irma.gomez-dib@fticonsulting.com
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SOURCE Aevi Genomic Medicine, Inc.