Concert Pharmaceuticals Announces Exercise of Warrants Under Existing Financing Arrangement
22 Agosto 2022 - 6:00AM
Business Wire
Exercise Relates to Remaining Tranche 1
Warrants
Concert Pharmaceuticals, Inc. (NASDAQ: CNCE) today announced
that BVF Partners L.P. and RA Capital Management have exercised
their remaining tranche 1 warrants issued in connection with the
Company’s November 2021 financing, resulting in proceeds of $20.9
million to the Company. Concert has the potential to receive an
additional $49.2 million if the tranche 2 warrants issued to BVF
and RA Capital in connection with the same financing are exercised
in full by their October 31, 2022 expiration date. If the tranche 2
warrants are fully exercised, under its current operating plan,
Concert would expect its cash, cash equivalents and investments to
fund the Company beyond the anticipated submission of its New Drug
Application (NDA) for CTP-543, which is expected in the first half
of 2023.
The exercise period of the tranche 1 and tranche 2 warrants was
tied to the clinical success of the Company’s CTP-543 THRIVE-AA1
and THRIVE-AA2 Phase 3 trials for alopecia areata. Concert reported
positive topline results from the THRIVE-AA1 and THRIVE-AA2 trials
in May 2022 and August 2022, respectively. In June 2022, Concert
received $18.9 million from the partial exercise of the tranche 1
warrants issued to BVF and RA Capital.
About Concert
Concert Pharmaceuticals is a late-stage clinical
biopharmaceutical company that is developing small molecule drugs
that it discovered through the application of its DCE Platform®
(deuterated chemical entity platform). Selective incorporation of
deuterium into known molecules has the potential, on a case-by-case
basis, to provide better pharmacokinetic or metabolic properties,
thereby enhancing their clinical safety, tolerability or efficacy.
Concert’s lead product candidate CTP-543 is being developed for the
treatment of alopecia areata, a serious autoimmune dermatological
condition. Concert is also assessing a number of earlier-stage
pipeline candidates. For more information please visit
www.concertpharma.com or follow us on Twitter at @ConcertPharma or
on LinkedIn.
Cautionary Note on Forward Looking Statements
Any statements in this press release about our future
expectations, plans and prospects, including, among others,
statements about our expectations regarding the development of
CTP-543, the planned timing for filing an NDA for CTP-543 and the
sufficiency of our cash, cash equivalents and investments to fund
our operations, and any other statements containing the words
“anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,”
“intend,” “may,” “plan,” “potential,” “predict,” “project,”
“should,” “target,” “will,” “would” and similar expressions,
constitute forward-looking statements within the meaning of The
Private Securities Litigation Reform Act of 1995. Actual results
may differ materially from those indicated by such forward-looking
statements as a result of various important factors, including: the
uncertainties inherent in the initiation, timing and design of
future clinical trials, the availability and timing of data from
ongoing and future clinical trials and the results of such trials,
whether preliminary results, including safety profiles, from a
clinical trial will be predictive of the final results of that
trial or whether results of early clinical trials will be
indicative of the results of later clinical trials, expectations
for the timing of the submission of an NDA, the availability of
regulatory approvals, the availability of funding sufficient for
our foreseeable and unforeseeable operating expenses and capital
expenditure requirements, expectations with respect to the
protection of our intellectual property afforded by our patents and
other factors discussed in the “Risk Factors” section of our most
recent Quarterly Report on Form 10-Q filed with the Securities and
Exchange Commission and in other filings that we make with the
Securities and Exchange Commission. In addition, any
forward-looking statements included in this press release represent
our views only as of the date of this release and should not be
relied upon as representing our views as of any subsequent date. We
specifically disclaim any obligation to update any forward-looking
statements included in this press release.
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version on businesswire.com: https://www.businesswire.com/news/home/20220822005159/en/
Justine Koenigsberg (781) 674-5284 ir@concertpharma.com
Kathryn Morris (media) The Yates Network (914) 204-6412
kathryn@theyatesnetwork.com
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