HAYWARD, Calif., Nov. 15, 2021 /PRNewswire/ -- AcelRx
Pharmaceuticals, Inc. (NASDAQ: ACRX) (AcelRx), a specialty
pharmaceutical company focused on the development and
commercialization of innovative therapies for use in medically
supervised settings, today announced it has entered into an
agreement with two life sciences-focused investment funds that are
existing and new stockholders in AcelRx, for the sale of 17,500,000
shares of common stock and warrants exercisable for an aggregate of
17,500,000 shares of common stock. The offering price for the
common stock and warrants together is $0.80 per share. The warrants will not be
exercisable until after the six-month anniversary of the closing of
the offering and will have an exercise price of $1.00 per share. AcelRx estimates gross
proceeds from the offering of approximately $14.0 million, excluding the proceeds, if any,
from the exercise of the warrants. The closing of the transaction
is expected to occur by November 17,
2021, subject to satisfaction of customary closing
conditions.
The securities described above are being offered by AcelRx
pursuant to a shelf registration statement previously filed with
the Securities and Exchange Commission (the "SEC"), which the SEC
declared effective on July 8, 2020. A final prospectus
supplement related to the offering will be filed with the SEC, and
will be available on the SEC's website located
at http://www.sec.gov.
This press release does not constitute an offer to sell or the
solicitation of an offer to buy the securities, nor shall there be
any sale of the 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 such state.
About AcelRx Pharmaceuticals, Inc.
AcelRx Pharmaceuticals, Inc. is a specialty pharmaceutical
company focused on the development and commercialization of
innovative therapies for use in medically supervised settings.
AcelRx's proprietary, non-invasive sublingual formulation
technology delivers sufentanil with consistent pharmacokinetic
profiles. AcelRx has one approved product in the U.S.,
DSUVIA® (sufentanil sublingual tablet, 30 mcg), known as
DZUVEO® in Europe,
indicated for the management of acute pain severe enough to require
an opioid analgesic for adult patients in certified medically
supervised healthcare settings, and one product candidate,
Zalviso® (sufentanil sublingual tablet system, SST
system, 15 mcg), an investigational product in the U.S., is being
developed as an innovatively designed patient-controlled analgesia
(PCA) system for reduction of moderate-to-severe acute pain in
medically supervised settings. AcelRx has obtained the rights to
file New Drug Applications (NDAs) and, subject to U.S. Food and
Drug Administration (FDA) approval, commercialize in the U.S. two
of Laboratoire Aguettant's innovative, EU-approved, pre-filled
syringe products – ready-to-use ephedrine and phenylephrine. DZUVEO
and Zalviso are both approved products in Europe.
Forward-Looking Statements
This press release contains
forward-looking statements, including, but not limited to,
statements related to anticipated closing of the transaction. These
and any other forward-looking statements are made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. These statements may be identified by the use of
forward-looking terminology such as "believes," "expects,"
"anticipates," "may," "will," "should," "seeks," "approximately,"
"intends," "plans," "estimates," or the negative of these words or
other comparable terminology. These forward-looking statements
involve risks and uncertainties that could cause actual results to
differ materially from those projected, anticipated or implied by
such statements, including the inability to satisfy customary
closing conditions. In addition, such risks and uncertainties
may include, but are not limited to, those described in AcelRx's
annual, quarterly and current reports (i.e., Form 10-K, Form 10-Q
and Form 8-K) as filed or furnished with the Securities and
Exchange Commission (SEC). You are cautioned not to place undue
reliance on any such forward-looking statements, which speak only
as of the date such statements were first made. Except to the
extent required by law, AcelRx undertakes no obligation to publicly
release the result of any revisions to these forward-looking
statements to reflect events or circumstances after the date
hereof, or to reflect the occurrence of unanticipated events.
Investor Contacts:
Raffi Asadorian, CFO, AcelRx
investors@acelrx.com
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SOURCE AcelRx Pharmaceuticals, Inc.