HAYWARD, Calif.--(BUSINESS WIRE)--Dec. 14, 2018--
Pulse Biosciences, Inc. (Nasdaq: PLSE) (“Pulse Biosciences” or the
“Company”), a novel medical therapy company bringing to market its
proprietary CellFX™ Nano-Pulse Stimulation™ (NPS™) platform, announced
today that its rights offering has closed.
The rights offering resulted in the issuance of 3,581,148 shares of the
Company’s common stock at a price of $12.5658 per share for total gross
proceeds of $45 million to the Company. Investors who have participated
in the rights offering should expect to see the shares issued to them in
book-entry or, uncertificated, form. Any excess subscription payments
received by Broadridge Corporate Issuer Solutions, Inc. (the
“Subscription Agent”) will be returned by the Subscription Agent to
investors by mail, without interest or penalty, through the same method
by which they participated in the rights offering. After giving effect
to the rights offering, the Company has 20,578,904 shares of common
stock issued and outstanding.
Robert W. Duggan, the chairman of the Company’s board of directors and
the beneficial owner of approximately 35% of the Company’s outstanding
common stock prior to this rights offering, participated in the rights
offering and purchased an aggregate of 3,146,226 shares for an
additional investment of approximately $39.5 million. After giving
effect to the rights offering, Mr. Duggan is the beneficial owner of
approximately 44% of the Company’s outstanding common stock.
A registration statement relating to the shares of common stock was
previously filed with the Securities and Exchange Commission (the “SEC”)
and declared effective on November 6, 2018. A prospectus relating to the
offering was filed with the SEC on November 19, 2018 and is available on
the SEC’s website. Subscription rights that were not exercised by 5:00
p.m. Eastern Time on December 6, 2018 have expired.
About Pulse Biosciences
Pulse Biosciences is a novel medical therapy company bringing to market
its proprietary CellFX™ Nano-Pulse Stimulation™ (NPS™) platform. The
Company’s CellFX NPS platform provides a novel, precise, non-thermal
treatment technology delivering nanosecond duration energy pulses that
impact cells in treated tissue while sparing acellular tissue. NPS’s
unique mechanism of action disrupts the functions of internal cell
structures while maintaining the outer cell membrane initiating a
cascade of events within the cell that results in regulated cell death.
The novel characteristics of the Company’s NPS mechanism of action has
the potential to significantly benefit patients across multiple medical
applications, including dermatology, the Company’s first planned
commercial application. In pre-clinical studies, NPS has demonstrated an
ability to induce immunogenic cell death in several cancer cell lines.
The Company believes its NPS platform may play a role in immuno-oncology
as a focal tumor treatment that can initiate an adaptive immune
response. More information can be found at www.pulsebiosciences.com.
All statements in this press release that are not historical are
forward-looking statements, including, among other things, statements
relating to Pulse Biosciences’ expectations regarding the results of its
rights offering, financing plans, use of proceeds received in the rights
offering, regulatory clearance and the timing of FDA filings or
approvals, the mechanism of action of NPS treatments, current and
planned future clinical studies, other matters related to its pipeline
of product candidates, future financial performance, anticipated cash
use and other future events. These statements are not historical facts
but rather are based on Pulse Biosciences’ current expectations,
estimates, and projections regarding Pulse Biosciences’ business,
operations and other similar or related factors. Words such as “may,”
“will,” “could,” “would,” “should,” “anticipate,” “predict,”
“potential,” “continue,” “expects,” “intends,” “plans,” “projects,”
“believes,” “estimates,” and other similar or related expressions are
used to identify these forward-looking statements, although not all
forward-looking statements contain these words. You should not place
undue reliance on forward-looking statements because they involve known
and unknown risks, uncertainties, and assumptions that are difficult or
impossible to predict and, in some cases, beyond Pulse Biosciences’
control. Actual results may differ materially from those in the
forward-looking statements as a result of a number of factors, including
those described in Pulse Biosciences’ filings with the Securities and
Exchange Commission. Pulse Biosciences undertakes no obligation to
revise or update information in this release to reflect events or
circumstances in the future, even if new information becomes available.
Caution: Pulse Biosciences’ Nano-Pulse Stimulation (NPS) and CellFX
system are for investigational use.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181214005552/en/
Source: Pulse Biosciences, Inc.
Sr. Vice President and
Chief Financial Officer
Gitanjali Jain Ogawa
Nadine D. Tosk, 504-453-8344