SAN DIEGO and VANCOUVER, Aug. 23, 2013 /CNW/ - Sophiris Bio Inc.
(NASDAQ: SPHS, TSX: SHS) (the "Company" or "Sophiris"), a
biopharmaceutical company developing a clinical-stage, targeted
treatment for the symptoms of benign prostatic hyperplasia (BPH or
enlarged prostate), today announced that it has closed its previously
announced initial U.S. public offering (the "Offering"). The Company
issued 13,000,000 common shares at a price of US$5.00 per share for
aggregate gross proceeds of US$65 million.
The Offering was underwritten by Citigroup and Leerink Swann, as joint
book-running managers, with Stifel and Lazard Capital Markets acting as
co-managers (collectively the "Underwriters"). The Company has granted
the Underwriters a 30-day over-allotment option to purchase up to an
additional 1,950,000 shares at a price of US$5.00 per share.
The Company intends to use the net proceeds to fund the first planned
Phase 3 clinical trial of PRX302 for the treatment of the symptoms of
BPH, to service its outstanding debt owing under a secured promissory
note and for general corporate purposes.
Sophiris Bio Inc. is a biopharmaceutical company developing a
clinical-stage, targeted treatment for the symptoms of benign prostatic
hyperplasia (BPH or enlarged prostate), which it believes is an
unsatisfied market with significant market potential. Sophiris' lead
candidate for BPH, PRX302, is designed to be as efficacious as
pharmaceuticals, less invasive than the surgical interventions, and
without the sexual side effects seen with existing treatments. Sophiris
is planning to begin a Phase 3 clinical trial of PRX302 in the second
half of 2013.
Forward Looking Statements
Certain statements included in this press release may be considered
forward-looking. Such statements involve known and unknown risks,
uncertainties and other factors that may cause actual results,
performance or achievements to be materially different from those
implied by such statements, and therefore these statements should not
be read as guarantees of future performance or results. All
forward-looking statements are based on Sophiris' current beliefs as
well as assumptions made by and information currently available to
Sophiris and relate to, among other things, our use of proceeds, the
exercise by the underwriters of the over-allotment option, anticipated
financial performance, business prospects, strategies, regulatory
developments, market acceptance and future commitments. Readers are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this press release. Due
to risks and uncertainties, including the risks and uncertainties
identified by Sophiris in its public securities filings; actual events
may differ materially from current expectations. Sophiris disclaims any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or
SOURCE: Sophiris Bio, Inc.