On February 12, 2021 Cassava Sciences, Inc. (Nasdaq: SAVA) (the "Company" or "Cassava Sciences"), a clinical-stage biotechnology company focused on Alzheimer’s disease, reported that it has entered into a definitive agreement with several healthcare-focused and other institutional investors for the purchase of 4,081,633 shares of its common stock, at a purchase price per share of $49.00, for gross proceeds of approximately $200.0 million, in a registered direct offering (Press release, Pain Therapeutics, FEB 12, 2021, View Source [SID1234575031]). The closing of the offering is expected to occur on or about February 12, 2021, subject to the satisfaction of customary closing conditions.
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H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.
Cassava Sciences intends to use the net proceeds, if any, from this offering for working capital and general corporate purposes, including development of simufilam, the Company’s lead drug candidate for the treatment of Alzheimer’s disease.
The shares of common stock are being offered by Cassava Sciences pursuant to an automatic "shelf" registration statement on Form S-3, which was filed with the U.S. Securities and Exchange Commission (the "SEC") on February 10, 2021 and became effective immediately upon filing, and the base prospectus contained therein. The offering will be made only by means of a prospectus supplement that forms a part of the registration statement.
A prospectus supplement and accompanying base prospectus relating to the shares of common stock being offered will be filed with the SEC. Copies of the final prospectus supplement and accompanying base prospectus may be obtained, when available, on the SEC’s website at View Source or by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by phone at 646-975-6996 or e-mail at [email protected].
This press release shall not constitute an offer to sell, or the solicitation of an offer to buy any of the securities described herein, 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 registration or qualification under the securities laws of any such state or jurisdiction.