MILFORD, Mass., May 06, 2016 (GLOBE NEWSWIRE) -- Spring Bank Pharmaceuticals, Inc., a clinical-stage biopharmaceutical company developing novel therapeutics for the treatment of viral infections, today announced the pricing of its initial public offering of 920,000 shares of common stock at a public offering price of $12.00 per share, before underwriting discounts and commissions. All of the shares in the offering are being sold by Spring Bank. In addition, Spring Bank has granted the underwriters a 30-day option to purchase from the company, at the public offering price, less underwriting discounts and commissions, up to an additional 138,000 shares of common stock. Spring Bank’s common stock is expected to begin trading on The NASDAQ Capital Market on May 6, 2016 under the ticker symbol “SBPH.” The closing of the offering is expected to occur on May 11, 2016, subject to the satisfaction of customary closing conditions.
Spring Bank expects to receive net proceeds of approximately $8.2 million after deducting underwriting discounts and commissions. Spring Bank intends to use the net proceeds from the offering for its planned clinical trial and working capital and general corporate purposes.
Dawson James Securities, Inc. is acting as the sole book-running manager for the offering.
A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on May 5, 2016. This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, 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.
This offering is being made only by means of a prospectus. When available, copies of the final prospectus relating to this offering may be obtained by contacting Dawson James Securities, Inc., 1 North Federal Highway, Suite 500, Boca Raton, FL 33432, or by telephone at (561) 208-2939 or by email at email@example.com.
About Spring Bank Pharmaceuticals
Spring Bank Pharmaceuticals is a clinical-stage biopharmaceutical company engaged in the discovery and development of a novel class of therapeutics using its proprietary small molecule nucleic acid hybrid, or SMNH, chemistry platform. The company is developing its most advanced SMNH product candidate, SB 9200, for the treatment of viral diseases, including hepatitis B virus.
Investor Contact: Spring Bank Pharmaceuticals, Inc. Jonathan P. Freve Chief Financial Officer (508) 473-5993 firstname.lastname@example.org Media Contact: Argot Partners Eliza Schleifstein 973.361.1546 email@example.com
Source:Spring Bank Pharmaceuticals, Inc.