Karyopharm Therapeutics Announces Pricing of Public Offering of Common Stock
April 25 2017 - 8:22AM
Karyopharm Therapeutics Inc. (Nasdaq:KPTI), a clinical-stage
pharmaceutical company, today announced the pricing of a registered
underwritten public offering of 3,902,439 shares of its common
stock at a price to the public of $10.25 per share. The
gross proceeds to Karyopharm from the offering, before deducting
the underwriting discounts and commissions and other estimated
offering expenses, are expected to be $40,000,000.
The offering is expected to close on or about April 28,
2017, subject to customary closing conditions. In addition,
Karyopharm has granted the underwriter a 30-day option to purchase
up to 585,365 additional shares of its common stock.
Cantor Fitzgerald & Co. is the sole
book-running manager for the offering.
Karyopharm intends to use the net proceeds of
the offering: to support continued clinical development of
selinexor (KPT-330) in multiple myeloma, lymphoma and other
oncology indications; for early clinical trials of Karyopharm’s two
pipeline drug candidates in oncology, KPT-8602 and KPT-9274; to
continue preparing to establish the commercial infrastructure for
the potential launch of selinexor in North America and Western
Europe; and for working capital and other general corporate
purposes.
A shelf registration statement relating to the
shares of common stock offered in the public offering described
above was filed with the Securities and Exchange Commission (SEC)
on November 7, 2016 and was declared effective by the SEC on
December 1, 2016. The securities may be offered only by means of a
written prospectus, including a prospectus supplement, forming a
part of the effective registration statement. A preliminary
prospectus supplement and accompanying prospectus relating to the
offering have been filed with the SEC and are available
on the SEC’s website at www.sec.gov. A final prospectus
supplement and accompanying prospectus will be filed with
the SEC. When available, copies of the final prospectus
supplement and the accompanying prospectus relating to the offering
may also be obtained from Cantor Fitzgerald & Co., Attn:
Capital Markets, 499 Park Ave., 6th Floor, New York, New
York 10022, or by telephone at 212-829-7122, or by e-mail
at prospectus@cantor.com.
This press release does not constitute an offer
to sell or the solicitation of an offer to buy, 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 Karyopharm Therapeutics
Inc.
Karyopharm Therapeutics Inc. (Nasdaq:KPTI) is a
clinical-stage pharmaceutical company focused on the discovery and
development of novel first-in-class drugs directed against nuclear
transport and related targets for the treatment of cancer and other
major diseases. Karyopharm’s SINE™ compounds function by binding
with and inhibiting the nuclear export protein XPO1 (or CRM1). In
addition to single-agent and combination activity against a variety
of human cancers, SINE™ compounds have also shown biological
activity in models of neurodegeneration, inflammation, autoimmune
disease, certain viruses and wound-healing. Karyopharm, which was
founded by Dr. Sharon Shacham, currently has five investigational
programs in clinical or preclinical development.
Forward-Looking Statements
This press release contains forward-looking
statements within the meaning of The Private Securities Litigation
Reform Act of 1995. Such forward-looking statements include those
regarding the therapeutic potential of and potential clinical
development plans for Karyopharm’s drug candidates, including the
timing of initiation of certain trials and of the reporting of data
from such trials, and our expectations related to the offering
discussed in this press release, including the use of proceeds from
the offering. Such statements are subject to numerous important
factors, risks and uncertainties that may cause actual events or
results to differ materially from Karyopharm’s current
expectations. For example, there can be no guarantee that any of
Karyopharm’s SINE™ compounds, including selinexor (KPT-330), will
successfully complete necessary preclinical and clinical
development phases or that development of any of Karyopharm’s drug
candidates will continue. Further, there can be no guarantee that
any positive developments in Karyopharm’s drug candidate portfolio
will result in stock price appreciation. Management’s expectations
and, therefore, any forward-looking statements in this press
release could also be affected by risks and uncertainties relating
to a number of other factors, including the following: Karyopharm’s
results of clinical trials and preclinical studies, including
subsequent analysis of existing data and new data received from
ongoing and future studies; the content and timing of decisions
made by the U.S. Food and Drug Administration and other regulatory
authorities, investigational review boards at clinical trial sites
and publication review bodies, including with respect to the need
for additional clinical studies; Karyopharm’s ability to obtain and
maintain requisite regulatory approvals and to enroll patients in
its clinical trials; unplanned cash requirements and expenditures;
development of drug candidates by Karyopharm’s competitors for
diseases in which Karyopharm is currently developing its drug
candidates; and Karyopharm’s ability to obtain, maintain and
enforce patent and other intellectual property protection for any
drug candidates it is developing. These and other risks are
described under the caption “Risk Factors” in Karyopharm’s Annual
Report on Form 10-K for the year ended December 31, 2016, which was
filed with the Securities and Exchange Commission (SEC) on March
16, 2017, and in other filings that Karyopharm may make with the
SEC in the future. Any forward-looking statements contained in this
press release speak only as of the date hereof, and, except as
required by law, Karyopharm expressly disclaims any obligation to
update any forward-looking statements, whether as a result of new
information, future events or otherwise.
Contacts:
Michelle Carroll
(212) 600-1902
michelle@argotpartners.com
Media:
Eliza Schleifstein
(917) 763-8106
eliza@argotpartners.com
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