MILFORD, Mass., May 11, 2016 (GLOBE NEWSWIRE) -- Spring Bank Pharmaceuticals, Inc. (Nasdaq:SBPH), a clinical-stage biopharmaceutical company developing novel therapeutics for the treatment of viral infections, today announced the closing of its initial public offering of 920,000 shares of common stock at a public offering price of $12.00 per share, resulting in gross proceeds of approximately $11 million, before underwriting discounts and commissions and offering-related expenses. All of the shares in the offering were 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. The company’s common stock is listed on The NASDAQ Capital Market under the ticker symbol “SBPH.”
Additionally, Spring Bank received approximately $5.4 million in proceeds upon the exercise of warrants to purchase 643,826 shares of common stock of the company which were exercised in connection with the closing of the initial public offering. The issuance of these shares was not registered under the Securities Act of 1933.
Dawson James Securities, Inc. acted as the sole book-running manager for the initial public offering. ViewTrade Securities, Inc. and Axiom Capital Management, Inc. acted as co-managers for the offering.
A registration statement relating to the securities sold in the initial public offering was declared effective by the Securities and Exchange Commission on May 5, 2016. This offering was made only by means of a prospectus. 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.
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.
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.