Business
VistaGen Therapeutics Announces Closing of $100 Million Underwritten Public Offering
SOUTH SAN FRANCISCO, Calif., Dec. 22, 2020 (GLOBE NEWSWIRE) -- VistaGen Therapeutics, Inc. (NASDAQ: VTGN) (“VistaGen”), a biopharmaceutical company committed
About this update from Vistagen Therapeutics, Inc.
[{"type":"text","content":"SOUTH SAN FRANCISCO, Calif., Dec. 22, 2020 (GLOBE NEWSWIRE) -- VistaGen Therapeutics, Inc. (NASDAQ: VTGN) (“VistaGen”), a biopharmaceutical company committed to developing a new generation of medicines with potential to go beyond the current standard of care for anxiety, depression and other central nervous system (CNS) disorders, today announced the closing of its $100 million underwritten public offering consisting of 63,000,000 shares of its common stock at an offering price of $0.92 per share, par value $0.001 per share (the “Common Stock”), and 2,000,000 shares of its Series D convertible preferred stock (“Series D Preferred Stock”) at a public offering price of $21.16 per share. All of the securities in the offering were sold by VistaGen. Lead investors that participated in the offering include Acuta Capital, New Enterprise Associates (NEA), OrbiMed and Venrock Healthcare Capital Partners, among others. Each share of the Series D Preferred Stock is convertible into 23 shares of Common Stock at any time at the option of the holder, provided, that no such conversion will be permitted until VistaGen’s stockholders approve an amendment to its articles of incorporation increasing the number of authorized shares of Common Stock in an amount sufficient to permit the conversion in full of the Series D Preferred Stock. VistaGen intends to use the net proceeds from the offering for research, development and manufacturing and regulatory expenses associated with continuing development of PH94B, PH10, AV-101, and potential drug candidates to expand its CNS pipeline and for other working capital and general corporate purposes. Jefferies LLC and William Blair & Company, L.L.C. acted as joint book-running managers for the offering and Maxim Group LLC acted as a financial advisor. The public offering was made pursuant to a shelf registration statement on Form S-3 (File No. 333-234025), previously filed with the Securities and Exchange Commission (the SEC) and declared effective on October 7, 2019. A final prospectus supplement and accompanying prospectus, and an issuer free writing prospectus, each of which form a part of the registration statement, were filed by VistaGen with the Securities and Exchange Commission (“SEC”). All offers of securities were made by means of the final prospectus supplement and accompanying prospectus, and the i...