BURLINGTON, Mass., Dec. 18, 2014 (GLOBE NEWSWIRE) -- Coronado Biosciences, Inc. (Nasdaq:CNDO) ("Coronado" or the "Company") reports the closing on December 17, 2014 of the initial public offering of CB Pharma Acquisition Corp. (Nasdaq:CNLMU) ("CB Pharma"). CB Pharma is a Cayman Islands exempted company formed as a blank check company for the purpose of entering into a business combination with one or more businesses or entities, with a current focus in the specialty pharma and generic drug industries, among others.
CB Pharma sold 4,000,000 units in the initial public offering priced at $10.00 per unit. Each unit consists of one ordinary share, one right to receive one-tenth (1/10th) of an ordinary share on the consummation of an initial business combination, and one redeemable warrant.
Coronado, which founded CB Pharma, purchased 265,000 units of the company in a private placement that was consummated simultaneously with the closing of the initial public offering. Dr. Lindsay Rosenwald, Coronado's Chairman, President and CB Pharma's CEO said, "The initial public offering of CB Pharma exemplifies Coronado's business development strategy of working to enhance shareholder value by seeking out opportunities in specialty pharmaceuticals as well as development stage opportunities."
CB Pharma's initial public offering is being made only by means of a prospectus. Copies of the prospectus relating to the offering may be obtained by contacting EarlyBirdCapital, Inc., the sole book-running manager for the offering, at EarlyBirdCapital, Inc., Attention: Prospectus Department, 366 Madison Avenue, 8th Floor, New York, New York 10017, Attn: Aimee Bloch, (212) 661-0200.
A registration statement relating to CB Pharma's securities has been filed with, and declared effective by, the Securities and Exchange Commission on December 12, 2014. This press release shall not constitute an offer to sell or a 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.
About Coronado Biosciences
Coronado Biosciences is a biopharmaceutical company dedicated to investing in, acquiring, developing, and commercializing novel pharmaceutical products. The Company's portfolio currently includes novel immunotherapy agents for the treatment of autoimmune diseases and cancer. As part of its growth strategy, the Company plans to leverage its biopharmaceutical business and drug development expertise to acquire rights to, or to finance, innovative pharmaceutical and biotechnology products, technologies and/or companies, using a variety of approaches including licensing, partnerships, joint ventures, direct financings and/or public and private spin-outs. For more information, visit www.coronadobiosciences.com.
This press release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements include, but are not limited to, any statements relating to our growth strategy and any other statements that are not historical facts. Forward-looking statements are based on management's current expectations and are subject to risks and uncertainties that could negatively affect our business, operating results, financial condition and stock price. Factors that could cause actual results to differ materially from those currently anticipated are: risks related to our growth strategy; our ability to obtain, perform under, and maintain financing and strategic agreements and relationships; risks relating to the results of research and development activities; uncertainties relating to preclinical and clinical testing; our dependence on third party suppliers; our ability to attract, integrate, and retain key personnel; the early stage of products under development; our need for substantial additional funds; government regulation; patent and intellectual property matters; competition; as well as other risks described in our SEC filings. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as required by law.
CONTACT: Lucy Lu, MD, Executive Vice President & Chief Financial Officer Coronado Biosciences, Inc. 781-652-4525; firstname.lastname@example.orgSource:Coronado Biosciences, Inc.