Receptos Announces Closing of Underwritten Public Offering of Common Stock
June 24 2014 - 9:34AM
Receptos, Inc. (Nasdaq:RCPT), a biopharmaceutical company
developing therapeutic candidates for the treatment of immune and
metabolic diseases, announced today closing of the previously
announced underwritten public offering of 4,433,000 shares of its
common stock at a price to the public of $40.25 per share. The
gross proceeds to Receptos from this offering were approximately
$178.4 million, before deducting underwriting discounts and
commissions and other estimated offering expenses. All of the
shares in the offering were sold by Receptos. In addition, Receptos
has granted the underwriters a 30-day option to purchase up to an
additional 664,950 shares of common stock.
Receptos intends to use the net proceeds received from this
offering to fund continued development of its product candidate
RPC1063 in ongoing clinical trials for relapsing multiple sclerosis
and ulcerative colitis, development of its in-licensed product
candidate RPC4046 in a clinical trial for eosinophilic esophagitis,
other ongoing preclinical and research programs and for general
corporate purposes including working capital.
Credit Suisse Securities (USA) LLC, Leerink Partners LLC and BMO
Capital Markets Corp. acted as joint book-running managers for the
offering. Wedbush PacGrow Life Sciences and Nomura Securities
International, Inc. acted as co-managers.
Registration statements relating to these securities were
declared effective as of June 18, 2014. The offering was made
only by means of a prospectus. Copies of the prospectus relating to
and describing the terms of the offering may be obtained from
Credit Suisse Securities (USA) LLC, Attention: Prospectus
Department, One Madison Avenue, New York, NY 10010, Telephone:
(800) 221-1037, Email: newyork.prospectus@credit-suisse.com; from
Leerink Partners LLC, Attention: Syndicate Department, One Federal
Street, 37th Floor, Boston, MA 02110, Telephone: (800) 808-7525,
Email: syndicate@leerink.com; or from BMO Capital Markets Corp.,
Attention: Equity Syndicate Department, 3 Times Square, New
York, NY 10036, Telephone: (800) 414-3627, Email:
bmoprospectus@bmo.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, 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.
About Receptos
Receptos is a biopharmaceutical company developing therapeutic
candidates for the treatment of immune and metabolic diseases. The
Company's lead program, RPC1063, is a sphingosine 1-phosphate 1
receptor (S1P1R) small molecule modulator candidate for immune
indications, including relapsing multiple sclerosis (RMS) and
inflammatory bowel disease (IBD). The Company is also developing
RPC4046, an anti-interleukin-13 (IL-13) antibody, for an
allergic/immune-mediated orphan disease, eosinophilic esophagitis
(EoE). Receptos has established expertise in high resolution
protein crystal structure determination, biology and drug discovery
for G-protein-coupled receptors (GPCRs).
Forward Looking Statements
Statements contained in this release, other than statements of
historical fact, constitute "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995.
The words "expects," "believes," "anticipates," "may," "intends,"
"plans," "potential," "will" and similar expressions are intended
to identify forward-looking statements. These forward-looking
statements do not constitute guarantees of future performance.
These forward-looking statements include without limitation
statements regarding the expected use of the net proceeds from the
offering and the development and future potential of the Company's
product candidates. Such forward-looking statements are subject to
a number of risks and uncertainties that could cause actual results
to differ materially from those anticipated. These forward-looking
statements are based upon the Company's current expectations and
involve assumptions that may never materialize or may prove to be
incorrect. Actual results and the timing of events could differ
materially from those anticipated in such forward-looking
statements as a result of various risks and uncertainties, which
include without limitation risks associated with the process of
discovering, developing and commercializing drug candidates that
are safe and effective for use as human therapeutics, market risks
and uncertainties, unexpected cash requirements and changes in the
Company's business plan. These and other risks regarding the
Company's financial position and research and development programs
are described in detail in the Company's SEC filings, including the
Company's Annual Report on Form 10-K for the year ended December
31, 2013, the Company's Quarterly Report on Form 10-Q for the
quarter ended March 31, 2014 and the Registration Statement on Form
S-3 (File No. 333-196651). All forward-looking statements contained
in this release speak only as of the date on which they were first
made by the Company, and the Company undertakes no obligation to
update such statements to reflect events that occur or
circumstances that exist after such date.
CONTACT: Media and Investor Contacts:
Graham K. Cooper
Chief Financial Officer, Receptos
(858) 652-5708
gcooper@receptos.com
Michael Rice
LifeSci Advisors, LLC
(646) 597-6979
mrice@lifesciadvisors.com
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