HAYWARD, Calif.--(BUSINESS WIRE)--Dec. 7, 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, today
announced the completion of its rights offering, which expired at 5:00
p.m. Eastern Time on December 6, 2018 (the “Expiration Date”).
In accordance with the pricing structure of the rights offering
described in the prospectus relating to the offering, Pulse Biosciences
has determined that the final subscription price per share for the
shares offered in the rights offering is $12.5658 per share, which is
the volume weighted average price of the Company’s common stock as
calculated for the five-trading day period through and including the
Expiration Date.
Based on a preliminary tabulation by Broadridge Corporate Issuer
Solutions, Inc. (the “Subscription Agent”), as of the Expiration Date,
the Company had received basic subscriptions and over-subscriptions for
a total of 4,023,779 shares, exceeding the 3,581,148 shares offered in
the rights offering, subject to adjustment upon expiration of the
guaranteed delivery period. Available shares will be distributed
proportionately among rights holders who exercised their
over-subscription right based on the number of shares each rights holder
subscribed for under the basic subscription right, in accordance with
the procedures described in the prospectus relating to the rights
offering. The Company expects the Subscription Agent to distribute the
shares and the sale proceeds on or about December 14, 2018.
“We are pleased with the results of the rights offering,” said Darrin
Uecker, President and Chief Executive Officer of Pulse Biosciences. “The
rights offering offered our stockholders an opportunity to participate
in this important financing that will enable us to continue progress
towards our goal of commercializing our proprietary CellFX Nano-Pulse
Stimulation platform, initially in aesthetic dermatology. We remain
committed to building a viable company and to stockholder value, and
look forward to updating you on our progress as we continue to generate
important results in the future.”
The Company will receive aggregate gross proceeds from the rights
offering of $45 million. The results of the rights offering, including
the allocation of shares to be issued in the rights offering, are
preliminary and subject to change pending the expiration of the
guaranteed delivery period under the offering and finalization of
subscription procedures by the Subscription Agent.
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.
Forward-Looking Statements
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/20181207005236/en/
Source: Pulse Biosciences, Inc.
Investor Relations:
Brian Dow
Sr. Vice President and
Chief Financial Officer
IR@pulsebiosciences.com
Gitanjali Jain Ogawa
Solebury Trout
gogawa@troutgroup.com
646-378-2949
or
Media:
Tosk
Communications
Nadine D. Tosk, 504-453-8344
nadinepr@gmail.com
