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VistaGen Therapeutics Announces Pricing of Underwritten Public Offering
SOUTH SAN FRANCISCO, Calif., Dec. 18, 2020 (GLOBE NEWSWIRE) -- VistaGen Therapeutics, Inc. (NASDAQ: VTGN), a biopharmaceutical company committed to developing
About this update from Vistagen Therapeutics, Inc.
[{"type":"text","content":"SOUTH SAN FRANCISCO, Calif., Dec. 18, 2020 (GLOBE NEWSWIRE) -- VistaGen Therapeutics, Inc. (NASDAQ: VTGN), 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 pricing of its 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. Gross proceeds from the offering, before underwriting discounts and commissions and estimated offering expenses, are expected to be $100 million. All of the securities in the offering are being sold by VistaGen. Each share of the Series D Preferred Stock will be initially 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. The offering is expected to close on or about December 22, 2020, subject to customary closing conditions. 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. are acting as joint book-running managers for the offering. The public offering is being 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. The securities may be offered only by means of a prospectus supplement and accompanying prospectus that form a part of the registration statement. In connection with the offering, a preliminary prospectus supplement, including the accompanying prospectus, describing the terms of the offering was filed with th...