On July 30, 2020 Spectrum Pharmaceuticals, Inc. (Nasdaq: SPPI) ("Spectrum" or the "Company"), a biopharmaceutical company focused on novel and targeted oncology therapies, reported the pricing of an underwritten public offering of 21,666,667 shares of its common stock at a public offering price of $3.00 per share (Press release, Spectrum Pharmaceuticals, JUL 30, 2020, View Source [SID1234562576]). The gross proceeds to Spectrum from this offering are expected to be approximately $65 million, before deducting underwriting discounts, commissions and estimated offering expenses. In addition, Spectrum has granted the underwriters a 30-day option to purchase up to an additional 3,250,000 shares of common stock. The offering is expected to close on August 3, 2020, subject to customary closing conditions. All of the shares are being offered by Spectrum.
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Spectrum intends to use the net proceeds from the offering for general corporate purposes, including, without limitation, the continued development of its pipeline assets, sales and marketing activities, pre-launch activities associated with ROLONTIS and potential business development initiatives.
Jefferies and Cantor Fitzgerald & Co. are acting as the joint book-running managers for this offering. JMP Securities is acting as the lead manager for this offering. B. Riley FBR and H.C. Wainwright & Co. are acting as co-managers for this offering.
The securities are being offered pursuant to a shelf registration statement on Form S-3 (333-237319), which was declared effective by the Securities and Exchange Commission (the "SEC") on May 8, 2020. The offering will be made only by means of a prospectus supplement and accompanying prospectus that form a part of the registration statement. A preliminary prospectus supplement relating to the offering was filed by Spectrum with the SEC on July 29, 2020 and is available on the SEC’s website at www.sec.gov. A final prospectus supplement and the accompanying prospectus will be filed with the SEC and will be available at the SEC’s website located at www.sec.gov. When available, copies of the final prospectus supplement and the accompanying prospectus relating to the offering may be obtained for free by contacting: Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520 Madison Avenue, 2nd Floor, New York, NY 10022, by telephone at 1-877-547-6340 or by email at [email protected]; or Cantor Fitzgerald & Co., Attention: Capital Markets, 499 Park Ave., 6th Floor, New York, NY 10022, or by email at [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 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.