Sientra Announces $60 Million Convertible Notes Investment from Deerfield Management
March 11 2020 - 3:01PM
Sientra, Inc. (NASDAQ: SIEN) (“Sientra” or the “Company”), a
diversified medical aesthetics company, today announced that it has
closed a $60 million convertible notes financing with a fund
managed by Deerfield Management Company L.P. ("Deerfield"). Sientra
intends to use the proceeds from this financing for continued
investment in its commercial activities, strategic growth
opportunities and general corporate purposes.
Under the terms of the financing, the notes are
unsecured and subordinated and accrue interest at a rate of 4.0%
per annum until maturity in March 2025. The notes are convertible
at a conversion price representing a 35% premium over Sientra’s
closing stock price of $3.04 on March 10, 2020, resulting in a
conversion price of $4.10 per share.
Jeff Nugent, Chairman and Chief Executive
Officer of Sientra, commented, “Sientra will continue to
strategically invest in commercial initiatives to maintain strong
top-line momentum in both our Breast Products and miraDry
businesses. We are appreciative of Deerfield’s support of Sientra
on its path to aesthetics market leadership.”
Stifel acted as financial advisor to Sientra for
the financing.
Sientra also announced its fourth quarter and
full year 2019 financial results after the close of trading on
Wednesday, March 11, 2020. Sientra will host a conference call to
discuss financial results the same day at 5:00 p.m. Eastern
Time.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy these securities,
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 SientraHeadquartered in
Santa Barbara, California, Sientra is a diversified global medical
aesthetics company and a leading partner to aesthetic physicians.
The Company offers a suite of products designed to make a
difference in patients' lives by enhancing their body image,
growing their self-esteem, and restoring their confidence. Sientra
has developed a broad portfolio of products with technologically
differentiated characteristics, supported by independent laboratory
testing and strong clinical trial outcomes. The Company’s Breast
Products Segment includes its OPUS® breast implants, the first
fifth generation breast implants approved by the FDA for sale in
the United States, its ground-breaking Allox2® breast tissue
expander with patented dual-port and integral drain technology, and
BIOCORNEUM® the #1 performing, preferred and recommended scar gel
of plastic surgeons(*). The Company’s miraDry Segment, comprises
its miraDry® system, which is approved for sale in over 40
international markets, and is the only non-surgical FDA-cleared
device for the permanent reduction of underarm sweat, odor and hair
of all colors.
Sientra uses its investor relations website
to publish important information about the Company, including
information that may be deemed material to investors. Financial and
other information about Sientra is routinely posted and
is accessible on the Company’s investor relations website
at www.sientra.com.
(*) Data on file
About Deerfield
Deerfield is a leading investment management
firm, committed to advancing healthcare through investment,
information and philanthropy. For more information, please visit
www.deerfield.com.
Forward-Looking StatementsThis
press release contains “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended,
based on management’s current assumptions and expectations of
future events and trends, which affect or may affect the Company’s
business, strategy, operations or financial performance, and actual
results may differ materially from those expressed or implied in
such statements due to numerous risks and uncertainties.
Forward-looking statements are made only as of the date of this
release. The words ‘‘believe,’’ ‘‘may,’’ ‘‘might,’’ ‘‘could,’’
‘‘will,’’ ‘‘aim,’’ ‘‘estimate,’’ ‘‘continue, ‘‘anticipate,’’
‘‘intend,’’ ‘‘expect,’’ ‘‘plan,’’ ‘‘position,” or the negative of
those terms, and similar expressions that convey uncertainty of
future events or outcomes are intended to identify estimates,
projections and other forward-looking statements.
Forward-looking statements may include information concerning the
Company’s possible or assumed future results of operations,
including descriptions of the Company’s revenues, profitability,
outlook and overall business strategy. Such statements are subject
to risks and uncertainties, including positive reaction from
plastic surgeons and their patients to Sientra’s Breast Products,
the ability to meet consumer demand, and the acceptance and growth
of its miraDry segment. Additional factors that could cause
actual results to differ materially from those contemplated in this
press release can be found in the “Risk Factors” section of
Sientra’s public filings with the Securities and Exchange
Commission. All statements other than statements of
historical fact are forward-looking statements. . You are cautioned
not to place undue reliance on these forward-looking statements,
and such estimates, projections and other forward-looking
statements speak only as of the date they were made, and, except to
the extent required by law, the Company undertakes no obligation to
update or review any estimate, projection or forward-looking
statement. Actual results may differ from those set forth in this
press release due to the risks and uncertainties inherent in the
Company’s business.
Contact
Investor Relations
805-679-8885
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