SAN
DIEGO, July 24, 2023 /PRNewswire/ -- Heron
Therapeutics, Inc. (Nasdaq: HRTX), a commercial-stage biotechnology
company focused on improving the lives of patients by developing
and commercializing therapeutic innovations that improve medical
care, announced today that it has entered into a securities
purchase agreement to sell in a private placement to institutional
investors, led by existing investor Rubric Capital Management LP
and including existing and new investors, including Velan Capital,
Clearline Capital and Hercules Capital, Inc. (NYSE: HTGC),
20,734,917 shares of its common stock at a purchase price of
$1.37 per share, and, to certain
investors in lieu of common stock, pre-funded warrants to purchase
up to 1,162,891 shares of common stock at a purchase price of
$1.3699 per pre-funded warrant, which
represents the per share offering price for the common stock less
the $0.0001 per share exercise price
for each share underlying the pre-funded warrant. Gross proceeds of
the private placement are expected to be approximately $30.0 million, before deducting expenses. The
private placement is expected to close on or about July 25, 2023, subject to the satisfaction of
customary closing conditions.
Heron intends to use the net proceeds for working capital and
general corporate purposes.
The securities being issued and sold in the private placement
have not been registered under the Securities Act of 1933, as
amended (the "Securities Act"), or any state securities laws and
may not be offered or sold in the United States, except pursuant to an effective
registration statement or an applicable exemption from the
registration requirements of the Securities Act. Heron has agreed
to file a registration statement with the Securities and
Exchange Commission (the "SEC") registering the resale of the
shares of common stock issued in this private placement (the
"Resale Shares").
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 the
securities being offered 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 jurisdiction. Any offering of the Resale Shares under
the resale registration statement will only be by means of a
prospectus.
About Heron Therapeutics, Inc.
Heron Therapeutics, Inc. is a commercial-stage
biotechnology company focused on improving the lives of patients by
developing and commercializing therapeutic innovations that improve
medical care. Our advanced science, patented technologies, and
innovative approach to drug discovery and development have
allowed us to create and commercialize a portfolio of products that
aim to advance the standard-of-care for acute care and oncology
patients.
Forward-looking Statements
This news release contains "forward-looking statements" as
defined by the Private Securities Litigation Reform Act of 1995.
All statements, other than statements of historical facts included
in this press release, including, but not limited to, Heron's
expectations regarding the completion of the private placement, the
satisfaction of customary closing conditions related to the private
placement and the expected receipt and intended uses of the
proceeds from the private placement, are forward-looking
statements. Heron cautions readers that forward-looking statements
are based on management's expectations and assumptions as of the
date of this news release and are subject to certain risks and
uncertainties that could cause actual results to differ materially,
including, but not limited to, uncertainties related to market
conditions and the completion of the private placement on the
anticipated terms or at all; the expected future balances of
Heron's cash, cash equivalents and short-term investments; the
expected duration over which Heron's cash, cash equivalents and
short-term investments balances will fund its operations; the
extent of the impact of the evolving COVID-19 pandemic on our
business; and other risks and uncertainties described in "Risk
Factors" and "Management's Discussion and Analysis of Financial
Condition and Results of Operations" in Heron's Annual Report on
Form 10-K for the year ended December 31,
2022, filed with the SEC on March 29,
2023, and other subsequent documents we file with the SEC,
including but not limited to our Quarterly Reports on Form 10-Q.
Forward-looking statements reflect our analysis only on their
stated date, and Heron takes no obligation to update or revise
these statements except as may be required by law.
Investor Relations and Media Contact:
Ira Duarte
Executive Vice President, Chief Financial Officer
Heron Therapeutics, Inc.
iduarte@herontx.com
858-251-4400
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SOURCE Heron Therapeutics, Inc.