Business
Jaguar Completes Enrollment in Its Pivotal Phase 3 OnTarget Trial of Crofelemer for Prophylaxis of Cancer Therapy-Related Diarrhea
Primary endpoint based on patient reported outcomes from study expected in October 2023With the completion of the PIPE financing of unregistered shares and
About this update from Jaguar Health, Inc.
[{"type":"text","content":"Primary endpoint based on patient reported outcomes from study expected in October 2023With the completion of the PIPE financing of unregistered shares and 6-month lock up term, Jaguar has agreed, as described below, not to issue additional equity securities before October 22, 2023 - by which point the Company expects to have released top line data for the OnTarget trialSAN FRANCISCO, CA / ACCESSWIRE / May 9, 2023 / Jaguar Health, Inc. (NASDAQ:JAGX) (\"Jaguar\" or the \"Company\") today announced that it has completed enrolling the target number of 256 patients in the Company's global, pivotal, Phase 3 OnTarget clinical trial of crofelemer for prophylaxis of diarrhea in adult cancer patients receiving targeted therapy with or without chemotherapy.\"The Company's current cash position includes anticipated gross proceeds from a PIPE (private investment in public equity) transaction of approximately $1.86 million involving the issuance and sale of approximately 3,425,000 shares of unregistered Jaguar Common Stock and 6,850,000 warrants not exercisable until the later of January 1, 2024 and stockholder approval, that is expected to close on May 9, 2023, subject to customary closing conditions,\" said Lisa Conte, Jaguar's president and CEO. \"This financing involves a small group comprised primarily of dedicated, long-term Jaguar investors. Pursuant to the terms of the PIPE purchase agreement (\"the Agreement\"), each participating investor agreed not to sell or transfer any Jaguar equity securities for a period commencing on the signing of the Agreement and ending six months after the PIPE closing. There are no anti-dilution, reset, or variable pricing rights associated with the securities issued in the PIPE. We believe this financing illustrates the confidence that the participating investors have in the Company and the expectation that both the OnTarget trial and our focus on development of proof-of-concept data for crofelemer for the rare disease indications of short bowel syndrome (SBS) with intestinal failure and congenital diarrheal disorders (CDD) will prove transformational in 2023 for Jaguar value recognition.\"The exercise of the warrants included in the PIPE is subject to shareholder approval.The Agreement also provides that during the period commencing on the signing of the Agreement and ending on October 22, 2023 (a tim...