Sage Therapeutics Announces Closing of $345 Million Public Offering of Common Stock, Including Full Exercise of Option to Pur...
November 17 2017 - 3:01PM
Business Wire
Sage Therapeutics (Nasdaq: SAGE), a clinical-stage
biopharmaceutical company developing novel medicines to treat
life-altering central nervous system (CNS) disorders, today
announced the closing of its previously announced underwritten
public offering of common stock, including the exercise in full by
the underwriters of their option to purchase an additional 529,411
shares at the public offering price of $85.00 per share. The
exercise of the option to purchase additional shares brought the
total number of shares of common stock sold by Sage to 4,058,822
shares and increased the amount of gross proceeds raised in the
offering, before underwriting discounts and estimated expenses of
the offering, to approximately $345 million.
J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC and
Morgan Stanley acted as joint book-running managers for the
offering. Cowen and Company, LLC and Leerink Partners LLC served as
lead managers.
The shares were being offered by Sage pursuant to an
automatically effective shelf registration statement on Form S-3
that was previously filed with the Securities and Exchange
Commission (SEC). The final prospectus supplement relating to and
describing the terms of the offering was filed with the SEC on
November 15, 2017, and is available on the SEC’s web site at
www.sec.gov.
Copies of the final prospectus supplement and the accompanying
prospectus relating to these securities may also be obtained by
contacting one of the following: J.P. Morgan Securities LLC, c/o
Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood,
New York 11717 or by telephone at 866-803-9204; Goldman Sachs &
Co. LLC at Prospectus Department, 200 West Street, New York, New
York 10282, by telephone at 866-471-2526, by facsimile at
212-902-9316 or by e-mail at prospectusgroup-ny@ny.email.gs.com; or
Morgan Stanley & Co. LLC at Prospectus Department, 180 Varick
Street, 2nd Floor, New York, NY 10014.
This press release shall 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 the registration or
qualification under the securities laws of such state or
jurisdiction.
About Sage Therapeutics
Sage Therapeutics is a clinical-stage biopharmaceutical company
committed to developing novel medicines to transform the lives of
patients with life-altering central nervous system (CNS) disorders.
Sage has a portfolio of novel product candidates targeting critical
CNS receptor systems, GABA and NMDA. Sage's lead program, a
proprietary IV formulation of brexanolone (SAGE-547), has completed
two Phase 3 clinical trials in postpartum depression. Sage is
developing its next generation modulators, including SAGE-217 and
SAGE-718, in various CNS disorders.
Forward-Looking Statements
Various statements in this release concerning Sage's future
expectations, plans and prospects, including without limitation,
Sage's plans to develop products to treat CNS disorders, constitute
forward-looking statements for the purposes of the safe harbor
provisions under the Private Securities Litigation Reform Act of
1995. These forward-looking statements are neither promises nor
guarantees of future performance, and are subject to a variety of
risks and uncertainties, many of which are beyond Sage's control,
which could cause actual results to differ materially from those
indicated by these forward-looking statements, including, without
limitation: the potential that Sage’s completed, ongoing and future
clinical and non-clinical data may not be sufficient to file for or
gain regulatory approval to launch and commercialize its product
candidates; the potential that future pre-clinical and clinical
results may be negative or may not support further development of
Sage's product candidates or that Sage may not be able to
successfully demonstrate the efficacy and safety of its product
candidates at each stage of development in a manner sufficient to
obtain approval; the risk that actions or decisions of regulatory
agencies may affect the initiation, timing and progress of clinical
trials or our ability to file for or obtain approval; the potential
for unexpected adverse events in the conduct of one of Sage's
clinical trials to impact its ability to continue the clinical
trial or further development of a product candidate; the risk that
Sage may encounter other unexpected hurdles or issues in the
development and manufacture of its product candidates that may
impact its timing or progress, as well as those risks more fully
discussed in the section entitled "Risk Factors" in Sage's most
recent quarterly report on Form 10-Q, as well as discussions of
potential risks, uncertainties, and other important factors in
Sage's subsequent filings with the Securities and Exchange
Commission. In addition, any forward-looking statements represent
Sage's views only as of today and should not be relied upon as
representing its views as of any subsequent date. Sage explicitly
disclaims any obligation to update any forward-looking
statements.
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version on businesswire.com: http://www.businesswire.com/news/home/20171117005504/en/
Investor Contact:Sage TherapeuticsPaul Cox,
617-299-8377paul.cox@sagerx.comorMedia Contact:Suda
Communications LLCMaureen L. Suda,
585-355-1134maureen.suda@sagerx.com
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