REDWOOD CITY, Calif.--(BUSINESS WIRE)--Nov. 25, 2013--
A.P.
Pharma, Inc. (OTCBB: APPA.OB), a specialty pharmaceutical company,
today announced closing of its underwritten public offering of
150,000,000 shares of common stock at a public offering price of $0.40
per share. Gross proceeds to A.P. Pharma are $60,000,000, before
deducting underwriting discounts and commissions and offering expenses
payable by A.P. Pharma.
Jefferies LLC and Leerink Swann LLC acted as joint book-runners for the
offering. JMP Securities LLC, Brean Capital, LLC and Oppenheimer & Co.
acted as co-managers for the offering.
The securities described above were offered by A.P. Pharma pursuant to a
shelf registration statement (File No. 333-1900550), that was previously
filed with and declared effective by the United States Securities and
Exchange Commission (“SEC”). The securities described above have not
been qualified under any state blue sky laws and were offered only to
“Qualified Institutional Buyers” and other institutional and accredited
investors as permitted by applicable law (see “Notice to Investors” in
the prospectus for further details). This press release shall not
constitute an offer to sell or the solicitation of an offer to buy these
securities, nor shall there be any sale of these securities in any state
or other jurisdiction in which such offer, solicitation or sale would be
unlawful prior to the registration or qualification under the securities
laws of any such state or other jurisdiction. A final prospectus
supplement relating to the offering was filed with the SEC and is
available on the SEC’s website at www.sec.gov,
or by request at Jefferies LLC, Attention: Equity Syndicate Prospectus
Department, 520 Madison Avenue, 12th Floor, New York, NY 10022,
telephone: (877) 547-6340, e-mail: Prospectus_Department@Jefferies.com;
or Leerink Swann LLC, Attention: Syndicate Department, One Federal
Street, 37th Floor, Boston, MA 02110, or by telephone at (800) 808-7525,
or by e-mail at syndicate@leerink.com
This press release includes forward-looking statements, including
statements relating to the proceeds of the offering and closing of the
offering. For these statements, A.P. Pharma claims the protection of the
safe harbor for forward-looking statements provided by the Private
Securities Litigation Reform Act of 1995. It should be noted that there
are risks and uncertainties related to the public offering. A review of
these risks can be found in A.P. Pharma's Annual Report on Form 10-K for
the fiscal year ended December 31, 2012, the prospectus filed with the
SEC in connection with the offering and other reports and documents
filed with the SEC.
About Sustol (formerly known as APF530)
A.P. Pharma's lead product candidate, Sustol, is being developed for the
prevention of both acute- and delayed-onset chemotherapy-induced nausea
and vomiting (CINV). One of the most debilitating side effects of cancer
chemotherapy, CINV is a leading cause of premature discontinuation of
treatment. There is only one injectable 5-HT3 antagonist approved for
the prevention of delayed-onset CINV in patients receiving MEC; none are
approved for delayed-onset CINV in patients receiving HEC. Sustol
contains the 5-HT3 antagonist granisetron formulated in the Company's
proprietary Biochronomer™ drug delivery system, which allows therapeutic
drug levels to be maintained for five days with a single subcutaneous
injection. Currently available intravenous and oral formulations of
granisetron are approved only for the prevention of acute-onset CINV.
Granisetron was selected for Sustol because it is widely prescribed by
physicians based on a well-established record of safety and efficacy.
About A.P. Pharma
A.P. Pharma is a specialty pharmaceutical company developing products
using its proprietary Biochronomer™ polymer-based drug delivery
platform. This drug delivery platform is designed to improve the
therapeutic profile of injectable pharmaceuticals by converting them
from products that must be injected once or twice per day to products
that need to be injected only once every one or two weeks. The Company's
lead product, Sustol, is being developed for the prevention of both
acute- and delayed-onset chemotherapy-induced nausea and vomiting. For
further information, please visit the Company's web site at www.appharma.com.
Forward Looking Statements
This news release contains "forward-looking statements" as defined by
the Private Securities Litigation Reform Act of 1995. These
forward-looking statements involve risks and uncertainties, including
uncertainties associated with the potential approval of Sustol (formerly
APF530) and the potential timing for such approval, if approved at all,
as well as risks relating to qualifying for listing on the NASDAQ
Capital Market, capital resources and liquidity, satisfactory completion
of clinical studies, progress in research and development programs,
launch and acceptance of new products and other risks and uncertainties
identified in the Company's filings with the Securities and Exchange
Commission. We caution investors that forward-looking statements reflect
our analysis only on their stated date. We do not intend to update them
except as required by law.
Source: A.P. Pharma, Inc.
Investor Relations Contact:
Michael Rice
Office Phone:
646-597-6979
Email: mrice@lifesciadvisors.com
and
Corporate
Contact:
A.P. Pharma, Inc.
Stephen R. Davis, Executive
Vice President and Chief Operating Officer
Office Phone:
650-366-2626
