on March 1, 2019 TG Therapeutics, Inc. (NASDAQ: TGTX), a biopharmaceutical company developing medicines for patients with B-cell mediated diseases, reported approximately $85 million in equity and debt financing (Press release, TG Therapeutics, MAR 1, 2019, View Source [SID1234533859]).
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The Company priced a public offering of its common stock for gross proceeds of approximately $25.2 million, before deducting underwriting discounts and commissions and offering expenses payable by the Company. In addition, the Company granted the underwriters a 30-day option to purchase $3.8 million of additional shares of common stock. All of the shares in the offering are being sold by the Company. The Company anticipates using the net proceeds from the offering to fund the ongoing development of ublituximab and umbralisib, for research and development activities and for general corporate purposes. The offering is expected to close on March 5, 2019 subject to customary closing conditions.
Cantor Fitzgerald & Co. acted as the sole book-running manager for the offering. The underwriter may offer the shares from time to time for sale in one or more transactions on The NASDAQ Capital Market, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices. On February 28, 2019, the last sale price of the shares as reported on The NASDAQ Capital Market was $6.80 per share.
In addition to the above equity financing, the Company also announced yesterday that it has secured a $60 million venture debt facility with Hercules Capital, a leader in customizing debt financing for companies in the life sciences and technology-related markets.
The shares of common stock described above are being offered by the Company pursuant to its shelf registration statement on Form S-3 previously filed with the Securities and Exchange Commission (SEC) on May 26, 2017 and declared effective by the SEC on June 13, 2017. A preliminary prospectus supplement and accompanying prospectus relating to and describing the terms of the offering has been filed with the SEC and is available on the SEC’s web site at www.sec.gov. Copies of the final prospectus supplement, when available, and accompanying prospectus relating to these securities may also be obtained by sending a request to: Cantor Fitzgerald & Co., Attention: Capital Markets, 499 Park Avenue, 6th Floor New York, New York 10022; email: [email protected].
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, 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.