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Xenon Pharmaceuticals Announces Closing of $34.5 Million Public Offering
Wednesday, September 21, 2016Company Profile | Follow Company
Vancouver, BC, September 21, 2016--(T-Net)--Xenon Pharmaceuticals Inc. (Nasdaq:XENE), a Burnaby, BC-based clinical-stage biopharmaceutical company, has announced that the underwriters of the previously announced public offering of its common shares have exercised in full their option to purchase an additional 600,000 common shares, consisting of 450,000 common shares from Xenon and 150,000 common shares from the selling security holders named in the final prospectus supplement for the offering.
The closing of the sale of all common shares occurred last week on September 13th.
Gross proceeds from the offering of an aggregate of 3,450,000 common shares by Xenon and the offering of an aggregate of 1,150,000 common shares by the selling securityholders were approximately $25.9 million to Xenon and approximately $8.6 million to the selling securityholders, respectively, at a public offering price of $7.50 per share, before underwriting discounts and commissions and offering expenses.
Xenon will not receive any proceeds from the sale of the common shares by the selling securityholders.
Jefferies LLC, Stifel and Guggenheim Securities, LLC acted as joint book-running managers for the offering.
About XENON
XENON® (NASDAQ: XENE) is a biopharmaceutical company focused on the development of novel medicines through the application of our proprietary discovery platform, which we refer to as Extreme Genetics. Our product candidates are based on genetic insights derived from our research of families where individuals exhibit severe traits, or phenotypes. We apply our expertise to predict which phenotypes are caused by single-gene defects. By identifying and characterizing the single-gene defects responsible for such severe phenotypes, we gain valuable insights into their function in human biology and their potential as drug targets. Given that these targets are often involved in diseases beyond the rare genetic disorders in which they are first identified, we are developing proprietary product candidates to treat both orphan as well as more prevalent diseases.
Additional Details on the Financing
A shelf registration statement relating to the common shares offered in the public offering described above was filed with the Securities and Exchange Commission (SEC) on December 7, 2015 and declared effective by the SEC on January 5, 2016. The offering was made only by means of a written prospectus and prospectus supplement that form a part of the registration statement.
A final prospectus supplement and accompanying prospectus relating to the offering have been filed with the SEC and are available on the SEC's website at www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus may also be obtained by contacting Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, or by email at Prospectus_Department@Jefferies.com, or by telephone at (877) 821-7388; from Stifel, Nicolaus & Company, Incorporated, Attention: Syndicate, One Montgomery Street, Suite 3700, San Francisco, California 94104, by telephone at (415) 364-2720 or by email atsyndprospectus@stifel.com; or from Guggenheim Securities, LLC, Attention: Equity Syndicate Department, 330 Madison Avenue, 8th Floor, New York, NY 10017, by telephone at (212) 518-9658, or by email at GSEquityProspectusDelivery@guggenheimpartners.com.
The common shares were qualified for distribution by way of a preliminary prospectus supplement and a final prospectus supplement to Xenon's Canadian base shelf prospectus dated December 30, 2015 that was filed with the securities commissions in British Columbia, Alberta and Ontario. No securities were offered or sold, directly or indirectly, in Canada or to any resident of Canada.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities being offered, 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 other jurisdiction.
For the purposes of this press release, all references to “$” are to the lawful currency of the United States.
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