(Source: MARKETWIRE)
Corcept Therapeutics Incorporated (NASDAQ: CORT), a pharmaceutical
company engaged in the development of drugs for the treatment of
severe metabolic and psychiatric disorders, today announced that it
has entered into a definitive agreement with certain existing
investors, including Longitude Capital Management, Sutter Hill
Ventures and Alta Partners, and new investors including Federated
Kaufmann Funds to raise approximately $18 million in gross proceeds
in a private placement through the sale of shares of its common stock
and warrants.
Corcept intends to use the net proceeds from the offering to fund the
completion of enrollment in its Phase 3 trial of CORLUXCopyright for
Cushing's Syndrome and the submission of its Cushing's Syndrome NDA,
as well as for general corporate purposes, including working capital.
Corcept has entered into a securities purchase agreement pursuant to
which it has agreed to sell an aggregate of up to approximately 12.6
million units for $1.43 per unit. The units purchased will consist of
one share of the Company's common stock and one warrant to purchase
0.35 shares of the Company's common stock at a per share exercise
price of $1.66. Units will not be issued or certificated. The shares
of common stock and the warrants are immediately separable and will
be issued separately, but will be purchased together in this
offering. The warrants will have a three year term. The closing of
the transaction is expected to occur on or about October 16, 2009,
subject to the satisfaction of specified closing conditions. Thomas
Weisel Partners LLC acted as exclusive placement agent for the
offering.
The shares and warrants sold in the private placement and the shares
issuable upon the exercise of the related warrants 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
without being registered with the Securities and Exchange Commission
("SEC") or through an applicable exemption from SEC registration
requirements. The shares and warrants were offered and sold only to
accredited investors. Corcept has agreed to file a registration
statement with the SEC covering the resale of the shares issued in
the private placement and the shares issuable upon the exercise of
the warrants.
This news release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of these
securities in any state in which such offer, solicitation or sale
would be unlawful prior to the registration or qualification under
the securities laws of any such state. Any offering of Corcept
Therapeutics Incorporated common stock under the resale registration
statement will be made only by means of a prospectus.
Statements made in this news release, other than statements of
historical fact, are forward-looking statements, including, for
example, statements relating to Corcept's clinical development
programs, its spending plans, including the intended use of the
proceeds from the financing and for the timing of the closing of the
financing. Forward-looking statements are subject to a number of
known and unknown risks and uncertainties that might cause actual
results to differ materially from those expressed or implied by such
statements. For example, there can be no assurances with respect to
the commencement, pace of enrollment, cost, rate of spending,
completion or success of clinical trials; there can be no assurance
with respect to the consummation of financing activities; financial
projections may not be accurate; there can be no assurances that
Corcept will pursue further activities with respect to the clinical
development of CORLUX. These and other risk factors are set forth in
the Company's SEC filings, all of which are available from our
website (www.corcept.com) or from the SEC's website (www.sec.gov). We
disclaim any intention or duty to update any forward-looking
statement made in this news release.
CONTACT:
Caroline Loewy
Chief Financial Officer
Corcept Therapeutics
650-688-8783
Email Contact
www.corcept.com
SOURCE: Corcept Therapeutics
A service of YellowBrix, Inc.
