MALVERN, PA--(Marketwired - Sep 21, 2017) - Realm Therapeutics plc (
Net proceeds of the PIPE will be used primarily to advance the Company's drug development programs and for general corporate purposes including:
- further advancing the Company's PR022 atopic dermatitis clinical programme beyond Phase IIa, but results of initial trials in PR022 and PR013 will drive prioritisation among these two lead indications;
- conducting a Phase II proof of concept study in Acne Vulgaris, with PR023 a topical formulation in early development; and
- further evaluating the Company's high concentration hypochlorous acid formulations for application in potential pipeline candidates, including psoriasis and dry eye.
The PIPE provides for the issuance of approximately 66.4 million units at a price of 29 pence per unit, with each unit comprising one ordinary share and one warrant to subscribe for 0.4 ordinary shares. Each warrant carries an exercise price per share of 58 pence and a term of 2.5 years.
MTS Securities, LLC is acting as the US placement agent and N+1 Singer is acting as the UK broker and nominated adviser in connection with the PIPE.
Enquiries:
Realm Therapeutics plc | +44 (0) 20 3727 1000 | |
Alex Martin, Chief Executive Officer Marella Thorell, Chief Financial Officer and Chief Operating Officer |
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FTI Consulting | +44 (0) 20 3727 1000 | |
Simon Conway / Mo Noonan | ||
N+1 Singer (Nominated Adviser & Broker) | +44 (0) 20 7496 3000 | |
Aubrey Powell / Lauren Kettle | ||
MTS Securities, LLC (US Placement Agent) | +1 212 887 2100 | |
Ravi Mehrotra/Mark Epstein | ||
About Realm Therapeutics
Realm Therapeutics is a clinical-stage biopharmaceutical company focused on developing novel immunomodulatory therapies to protect and improve the lives of adults and children. The Company has initiated drug development programs, based on its proprietary hypochlorous acid technology at high concentrations. The Company believes its formulations have novel immunomodulatory activity with potential application for the treatment of diseases in a number of therapeutic areas, including dermatology and ophthalmology.
About Atopic Dermatitis (AD)
AD, a serious form of eczema, is a chronic, relapsing, inflammatory disease characterised by itchy, inflamed skin, which poses a significant burden on patients' quality of life and on the overall health care system. Patients with AD have impaired function of their skin barrier, and this, combined with skin damage as a result of the intense itching and scratching associated with the disease, makes them at risk for secondary infections due to colonisation with pathogenic bacteria (particularly Staphylococcus aureus) and changes in the skin microbiome. AD affects up to 20% of children and up to 3% of adults and prevalence numbers continue to increase.
About Allergic Conjunctivitis (AC)
AC is an inflammatory disease of the conjunctiva, the membrane covering the white part of the eye, caused primarily from a reaction to an allergen such as pollen, or pet dander, or other environmental antigens, and affects up to 40% of the United States population and up to 20% of the population of Europe and Japan, including children. This inflammation results in redness, acute itching, tearing and associated nasal symptoms. Approximately 30% of AC patients do not adequately respond to the current standard of care.
About Acne Vulgaris
Acne vulgaris is the most common chronic skin condition in the U.S., affecting approximately 45 million people, or 14% of the population. The disease can range from mild to severe cystic acne and is associated with significant physical and psychosocial effects on quality of life, including permanent scarring, depression and anxiety. The two main factors involved in the development of acne are clogged pores and/or the presence of bacteria, leading to irritation, lesions and inflammation.
Certain statements made in this announcement are forward-looking statements including with respect to the consummation of the PIPE and the Company's use of the net proceeds therefrom. These forward-looking statements are not historical facts but rather are based on the Company's current expectations, estimates, and projections about its industry; its beliefs; and assumptions. Words such as 'anticipates,' 'expects,' 'intends,' 'plans,' 'believes,' 'seeks,' 'estimates,' and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and other factors, some of which are beyond the Company's control, are difficult to predict, and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. Readers should not to place undue reliance on these forward-looking statements, which reflect the view of the Company only as of the date of this announcement. The forward-looking statements made in this announcement relate only to events as of the date on which the statements are made. The Company will not undertake any obligation to release publicly any revisions or updates to these forward-looking statements to reflect events, circumstances, or unanticipated events occurring after the date of this announcement except as required by law or by any appropriate regulatory authority.
IMPORTANT INFORMATION
The securities described herein have not been and, except as provided in a registration rights agreement with the PIPE purchasers in respect thereof, will not be registered under the U.S. Securities Act of 1933 and, accordingly, any offer or sale of the securities in the United States or to U.S. persons may be made only in a transaction exempt from the registration requirements of the Securities Act unless and until they are registered for sale in the United States. This 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 jurisdiction on which such offer or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
Contact Information:
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