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Xeris Pharmaceuticals Announces Proposed Public Offerings of $20 Million of Common Stock and $60 Million of Convertible Senior Notes
CHICAGO--(BUSINESS WIRE)-- Xeris Pharmaceuticals, Inc. (Nasdaq: XERS), a specialty pharmaceutical company leveraging its novel technology platforms to
About this update from Xeris Biopharma Holdings, Inc.
[{"type":"text","content":" CHICAGO--(BUSINESS WIRE)--\nXeris Pharmaceuticals, Inc. (Nasdaq: XERS), a specialty pharmaceutical company leveraging its novel technology platforms to develop and commercialize ready-to-use injectable and infusible drug formulations, today announced that it has commenced concurrent underwritten public offerings of $20,000,000 in shares of its common stock (the “Shares”) and $60,000,000 aggregate principal amount of convertible senior notes due 2025 (the “Notes”). In addition, Xeris expects to grant the underwriters of the offering of the Shares (the “Shares Offering”) a 30-day option to purchase up to $3,000,000 of additional Shares and the underwriters of the offering of the Notes (the “Notes Offering”) a 30-day option to purchase up to $9,000,000 aggregate principal amount of additional Notes. The offerings are subject to market and other conditions, and there can be no assurance as to whether or when the offerings may be completed, or as to the actual size or terms of the offerings. Neither offering is contingent on the completion of the other offering.\n\n\nThe Notes will be senior, unsecured obligations of Xeris, and interest will be payable semi-annually in arrears. The Notes will mature on July 15, 2025, unless earlier repurchased, redeemed or converted. The Notes will be convertible into shares of Xeris’ common stock together with cash in lieu of any fractional share, if applicable. The interest rate, conversion rate and other terms of the Notes are to be determined upon pricing of the Notes Offering.\n\n\nXeris intends to use the net proceeds from the offerings to fund sales and marketing costs to support commercialization of Gvoke™; to repay $20.0 million of the borrowings under its senior secured loan facility; to fund research and development activities relating to the advancement of its product candidates; for expansion of its technology or manufacturing infrastructure and capabilities; for potential strategic acquisitions of complementary businesses, assets, services or technologies; and the remainder for working capital, capital expenditures, and other general corporate purposes.\n\n\nJefferies and SVB Leerink are acting as joint book running managers for the Shares Offering and Notes Offering.\n\n\nThe Shares Offering and the Notes Offering are being made pursuant to Xeris’ shelf registration statement (includi...