Cassava Sciences, Inc. (NASDAQ:SAVA) (the “Company” or “Cassava Sciences”), a clinical-stage biotechnology company focused on Alzheimer’s disease, today announced the closing of its previously announced registered direct offering of 1,666,667 shares of its common stock, at a purchase price per share of $30, for gross proceeds of approximately $50 million.
H.C. Wainwright & Co. acted as the exclusive placement agent for the offering. JonesTrading Institutional Services LLC and Perella Weinberg Partners LP acted as independent capital markets advisors to Cassava Sciences for the offering.
The net proceeds of the offering are estimated to be approximately $47.3 million, after deducting placement agent fees and other estimated offering expenses. Cassava Sciences intends to use the net proceeds from this offering for working capital and general corporate purposes, including development of simufilam, the Company’s lead drug candidate for the treatment of Alzheimer’s disease.
The shares of common stock were offered by Cassava Sciences pursuant to an automatic “shelf” registration statement on Form S-3, which was filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 10, 2021 and became effective immediately upon filing, and the prospectus contained therein. The offering was made only by means of a prospectus supplement that forms a part of the registration statement.
A final prospectus supplement and accompanying prospectus relating to the shares of common stock being offered was filed with the SEC. Electronic copies of the final prospectus supplement and accompanying prospectus may be obtained on the SEC’s website at http://www.sec.gov or by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by phone at (212)-856-5711 or e-mail at placements@hcwco.com.
This press release shall not constitute an offer to sell, or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful, prior to registration or qualification under the securities laws of any such state or jurisdiction.