TRACON Pharmaceuticals Announces $38.7 Million Private Placement
TRACON will sell approximately 13.7 million shares of common stock or, in lieu of common stock, pre-funded warrants to purchase common stock, and warrants to purchase approximately 13.7 million shares of common stock for aggregate gross proceeds of approximately
TRACON intends to use the net proceeds to fund its ongoing and planned development of TRC105, including the global Phase 3 trial in angiosarcoma and manufacturing activities, to continue development of other pipeline assets such as TRC253, and for working capital and general corporate purposes.
The securities being sold in the private placement have not been registered under the Securities Act of 1933, as amended, or state securities laws and may not be offered or sold in
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 jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
TRACON develops targeted therapies for cancer and ophthalmic diseases. The Company’s clinical-stage pipeline includes: TRC105, an endoglin antibody that is being developed for the treatment of multiple cancers; DE-122, the ophthalmic formulation of TRC105 that is being developed in wet AMD through a collaboration with
Forward Looking Statements
Statements in this press release that are not strictly historical in nature are forward-looking statements. These statements include but are not limited to statements related to the expected proceeds from and timing of the closing of the private placement, the use of proceeds from the private placement, including whether the proceeds will be sufficient to fund the completion of the Phase 3 clinical trial of TRC105 for angiosarcoma, and the anticipated filing of a registration statement to cover resales of common stock issuable in connection with the private placement and upon exercise of the warrants. These statements are only predictions based on current information and expectations and involve a number of risks and uncertainties. Actual events or results may differ materially from those projected in any of such statements due to various factors, including the risks and uncertainties inherent in drug discovery, development and clinical trials, and TRACON’s ability to satisfy the conditions to closing the private placement. For a discussion of these and other factors, please refer to TRACON’s annual report on Form 10-K for the year ended December 31, 2017 as well as TRACON’s subsequent filings with the
Chief Financial Officer
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LifeSci Advisors LLC
Source: TRACON Pharmaceuticals, Inc.