On November 12, 2019 Applied Therapeutics, Inc. (NASDAQ: APLT) (the "Company"), a clinical-stage biopharmaceutical company developing a pipeline of novel drug candidates against validated molecular targets in indications of high unmet medical need, reported it has entered into a definitive securities purchase agreement, dated as of November 7 2019, for the sale of its common stock, par value $0.0001 per share (the "Shares"), in a private placement (the "Private Placement") expected to result in gross proceeds to the Company of approximately $20 million, before deducting placement agent commissions and other offering expenses (Press release, Applied Therapeutics, NOV 12, 2019, View Source [SID1234550947]).
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The Private Placement is expected to close on or about November 12, 2019, subject to the satisfaction of customary closing conditions. Additional details regarding the Private Placement will be included in a Form 8-K to be filed by the Company with the Securities and Exchange Commission ("SEC").
The Company intends to use the net proceeds to fund development of its drug candidates.
Cowen and UBS Investment Bank acted as placement agents in the transaction (the "Placement Agents"). Skadden, Arps, Slate, Meagher & Flom LLP acted as legal counsel for the Company, and Davis Polk & Wardwell LLP acted as legal counsel for the Placement Agents.
The securities being sold in the Private Placement have not been registered under the Securities Act of 1933, as amended, or state securities laws and may not be offered or sold in the United States absent registration with the SEC or an applicable exemption from such registration requirements. The Company has agreed to file a registration statement with the SEC covering the resale of the Shares issuable in connection with the Private Placement.
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 jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.