Xeris Biopharma Enters $30 Million Private Placement Agreement
January 4, 2022
Xeris Biopharma, a biopharmaceutical company developing and commercializing therapies for orphan patient populations in endocrinology, neurology, and gastroenterology, said it entered into a securities purchase agreement in connection with a private placement with an affiliate of Armistice Capital for aggregate gross proceeds of approximately $30.0 million.
Xeris will issue to Armistice 10,238,908 shares of common stock, par value its common stock at $2.93 per share, which was the closing price on December 31, 2021, resulting in aggregate gross proceeds of approximately $30.0 million, and warrants to purchase an aggregate of 5,119,454 shares of common stock at an exercise price of $3.223 per share, resulting in aggregate gross proceeds of approximately $16.5 million if fully exercised.
Xeris expects to use the net proceeds from the private placement to support its operations, including for selling and marketing its three commercial products, clinical trials, working capital, and other general corporate purposes.
The company has three approved products to treat rare conditions, two of which are already commercially available: Gvoke, a ready-to-use liquid glucagon for the treatment of severe hypoglycemia, and Keveyis, the first and only FDA-approved therapy for primary periodic paralysis. The third product, Recorlev, was recently approved by the U.S. Food and Drug Administration for the treatment of endogenous Cushing’s syndrome. Xeris also has a pipeline of development programs using its proprietary formulation technology platforms, XeriSol and XeriJect.
Author: Rare Daily Staff
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