CAMBRIDGE, Mass.--(BUSINESS WIRE)--
Therapeutics, Inc. (NASDAQ:AKBA), a biopharmaceutical company
focused on delivering innovative therapies to patients with kidney
disease through the biology of hypoxia-inducible factor (HIF), today
announced the closing of its previously announced underwritten public
offering of common stock. Akebia sold 4,600,000 shares of common stock
at an offering price to the public of $14.50 per share, which included
600,000 shares of common stock sold pursuant to the full exercise of the
underwriters' option to purchase additional shares. Gross proceeds to
Akebia from the offering are expected to be approximately $67 million,
before deducting underwriting discounts and commissions and estimated
offering expenses payable by Akebia.
Morgan Stanley acted as sole book-running manager for the offering. JMP
Securities acted as lead manager. Needham & Company, Raymond James, BTIG
and H.C. Wainwright & Co. acted as co-managers for the offering.
The shares of common stock described above were offered by Akebia
pursuant to its shelf registration statement on Form S-3 previously
filed and declared effective by the Securities and Exchange Commission
(SEC). The offering was made by means of a prospectus and related
prospectus supplement. You may obtain these documents for free by
visiting the SEC's website at www.sec.gov.
Copies of the prospectus supplement and accompanying prospectus relating
to the offering may also be obtained from Morgan Stanley & Co. LLC,
Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New
York, NY 10014.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy the securities in the offering, nor
shall there be any sale of these securities in any jurisdiction in which
an offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of such jurisdiction.
In other news today, Akebia announced that the Company granted two newly
hired employees options to purchase an aggregate of 5,500 shares of
Akebia's common stock with a per share exercise price of $14.37, the
closing price on the grant date. These options will vest as to 25% of
the total number of shares subject to the option on the first
anniversary of the grant date. The remaining 75% of shares will vest
ratably on the first day of each calendar quarter over the next three
years. The stock options were inducements material to these new
employees entering into employment with the Company, and issued in
reliance on NASDAQ Listing Rule 5635(c)(4).
About Akebia Therapeutics
Akebia Therapeutics, Inc. is a biopharmaceutical company headquartered
in Cambridge, Massachusetts, focused on delivering innovative therapies
to patients with kidney disease through hypoxia-inducible factor
biology. Akebia's lead product candidate, vadadustat, is an oral,
investigational therapy in development for the treatment of anemia
related to chronic kidney disease in both non-dialysis and dialysis
patients. Akebia's global Phase 3 program for vadadustat, which includes
the PRO2TECT studies for non-dialysis patients with anemia
secondary to chronic kidney disease and the INNO2VATE studies
for dialysis-dependent patients, is currently ongoing.
This press release includes forward-looking statements. Such
forward-looking statements include those about Akebia's planned use of
proceeds. The words "anticipate," "appear," "believe," "estimate,"
"expect," "intend," "may," "plan," "predict," "project," "target,"
"potential," "will," "would," "could," "should," "continue," and similar
expressions are intended to identify forward-looking statements,
although not all forward-looking statements contain these identifying
words. Each forward-looking statement is subject to risks and
uncertainties that could cause actual results to differ materially from
those expressed or implied in such statement, including those identified
under the heading "Risk Factors" in Akebia's Quarterly Report on Form
10-Q for the quarter ended March 31, 2017, and the prospectus supplement
filed with the SEC on June 29, 2017, as well as other filings that
Akebia may make with the Securities and Exchange Commission in the
future. Akebia does not undertake, and specifically disclaims, any
obligation to update any forward-looking statements contained in this
View source version on businesswire.com: http://www.businesswire.com/news/home/20170706005310/en/
Theresa McNeely, 617-844-6113
and Investor Relations
Source: Akebia Therapeutics, Inc.
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