Tempest Announces Private Placement Financing of $15 Million
April 27 2022 - 7:00AM
Tempest Therapeutics, Inc. (Nasdaq: TPST), a clinical-stage
oncology company developing novel therapeutics that combine both
targeted and immune-mediated mechanisms, today announced a $15
million private investment in public equity (PIPE) financing from
the sale of 3,149,912 shares of its common stock at a price per
share of $2.36 and, in lieu of shares of common stock, pre-funded
warrants to purchase up to 3,206,020 shares of its common stock at
price per pre-funded warrant of $2.359 to EcoR1 Capital, LLC and
Versant Venture Capital. Gross proceeds from the PIPE financings
total approximately $15.0 million, before deducting offering
expenses.
“We are very pleased to have a top investor such
as EcoR1 recognize the value in Tempest, and we strongly appreciate
Versant’s continued support of the Company, which has been
consistent since our inception,” said Stephen R. Brady, chief
executive officer of Tempest. “Given the current capital markets
environment, we are also pleased with the equivalent value between
the securities, and will continue to diligently execute towards the
development of meaningful therapies for patients.”
The closing of the PIPE financing is subject to
customary closing conditions and is expected to close by April 29,
2022.
The securities sold in this private placement,
including the shares of common stock underlying the pre-funded
warrants, have not been registered under the Securities Act of
1933, as amended, and may not be offered or sold in the U.S. except
pursuant to an effective registration statement or an applicable
exemption from the registration requirements. Tempest Therapeutics
has agreed to file a registration statement with the Securities and
Exchange Commission registering the resale of the shares of common
stock issued in this private placement and the shares of common
stock underlying the pre-funded warrants.
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 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.
Forward Looking Statements
This press release contains forward-looking
statements (including within the meaning of Section 21E of the
Securities Exchange Act of 1934, as amended, and Section 27A of the
Securities Act of 1933, as amended) concerning Tempest
Therapeutics, Inc., including without limitation, statements
related to the anticipated proceeds to be received in the proposed
PIPE, expected timing of closing of the proposed PIPE, and the size
and completion of the proposed PIPE. Forward-looking statements
generally include statements that are predictive in nature and
depend upon or refer to future events or conditions, and include
words such as “may,” “will,” “should,” “would,” “could”, “expect,”
“anticipate,” “plan,” “likely,” “believe,” “estimate,” “project,”
“intend,” and other similar expressions. Forward-looking statements
are based on information available to Tempest Therapeutics as of
the date hereof and are not guarantees of future performance.
Actual events or results may differ materially from those expressed
or implied by any forward-looking statements contained herein,
including, without limitation, the risks and uncertainties
described in the section entitled “Risk Factors” in the Form 10-K
filed by Tempest Therapeutics with the Securities and Exchange
Commission on March 29, 2022. Except as required by applicable law,
Tempest Therapeutics undertakes no obligation to revise or update
any forward-looking statement, or to make any other forward-looking
statements, whether as a result of new information, future events
or otherwise. These forward-looking statements should not be relied
upon as representing Tempest Therapeutics’ views as of any date
subsequent to the date of this press release and should not be
relied upon as prediction of future events. In light of the
foregoing, investors are urged not to rely on any forward-looking
statement in reaching any conclusion or making any investment
decision about any securities of Tempest Therapeutics.
Investor Contact:
Sylvia WheelerWheelhouse Life Science
Advisorsswheeler@wheelhouselsa.com
Media Contact:
Aljanae Reynolds Wheelhouse Life Science
Advisorsareynolds@tempesttx.com
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