Attached files
Exhibit 99.1
VistaGen Therapeutics Announces Pricing of $12.5 Million
Underwritten Public Offering of Common Stock
SOUTH SAN FRANCISCO, Calif., August 2, 2020 -- (BUSINESS
WIRE)—VistaGen Therapeutics, Inc. (Nasdaq: VTGN), a
biopharmaceutical company developing new generation medicines for
anxiety, depression and other central nervous system (CNS)
disorders, today announced the pricing of its underwritten public
offering of 15,625,000 shares of its common stock at a public
offering price of $0.80 per share. Gross proceeds from the
offering, before underwriting discounts and commissions and
estimated offering expenses, are expected to be $12.5 million. In
addition, VistaGen has granted the underwriter a 45-day option to
purchase up to an additional 2,343,750 shares of common stock at
the per share public offering price, less discounts and
commissions.
VistaGen
currently intends to use the net proceeds from the offering for the
continued development of its CNS pipeline programs, and for general
research and development, working capital and general corporate
purposes.
Maxim
Group LLC is acting as sole book-running manager for the
offering.
The
public offering is being made pursuant to an effective shelf
registration statement on Form S-3 (File No. 333-234025),
previously filed with the U.S. Securities and Exchange Commission
(SEC) on September 30, 2019 and declared effective on October 7,
2019. The securities may be offered only by means of a prospectus.
A preliminary prospectus supplement describing the terms of the
public offering has been filed with the SEC. A final prospectus
supplement will be filed with the SEC and will form a part of the
effective registration statement. Copies of the final prospectus
supplement and accompanying prospectus relating to the public
offering may be obtained, when available, by contacting Maxim Group
LLC, at 405 Lexington Avenue, 2nd Floor, New York, NY 10174,
Attention: Prospectus Department, or by telephone at (212) 895-3745
or by email at syndicate@maximgrp.com.
This
press release shall not constitute an offer to sell or the
solicitation of an offer to buy these securities, nor shall there
be any sale of these securities in any state or other jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities laws of
any such state or other jurisdiction.
About VistaGen Therapeutics, Inc.
VistaGen
Therapeutics, Inc. (“VistaGen”) is a clinical-stage
biopharmaceutical company developing new generation medicines for
anxiety, depression and certain CNS diseases and disorders where
current treatments are believed by VistaGen to be inadequate,
resulting in high unmet need. Each of VistaGen's three drug
candidates has a differentiated mechanism of action, an exceptional
safety profile in all clinical studies to date, and therapeutic
potential in multiple CNS markets. For more information, please
visit www.vistagen.com and connect with VistaGen on Twitter,
LinkedIn and Facebook.
Forward Looking Statements
Certain of the statements made in this press release are
forward-looking, such as those, among others, relating to our
expectations regarding the completion of the proposed public
offering. Actual results or developments may differ materially from
those projected or implied in these forward-looking statements.
Factors that may cause such a difference include, without
limitation, risks and uncertainties related to whether or not we
will be able to raise capital through the sale of shares of common
stock, the final terms of the proposed public offering, market and
other conditions, the satisfaction of customary closing conditions
related to the proposed public offering and the impact of general
economic, industry or political conditions in the United States or
internationally. There can be no assurance that we will be able to
complete the proposed public offering on the anticipated terms, or
at all. We will need to raise additional capital to fund our
operations and may be unable to raise capital when needed, which
would force us to delay, reduce or eliminate our product
development programs or commercialization efforts. You should not
place undue reliance on these forward-looking statements, which
apply only as of the date of this press release. Certain other
risks are more fully discussed in the section entitled "Risk
Factors" in the preliminary prospectus supplement and the final
prospectus supplement relating to the public offering, our most
recent annual report on Form 10-K, as well as discussions of
potential risks, uncertainties, and other important factors in our
other filings with the SEC. Our SEC filings are available on the
SEC's website at www.sec.gov. In addition, any forward-looking
statements represent our views only as of the issuance of this
release and should not be relied upon as representing our views as
of any subsequent date. We explicitly disclaim any obligation to
update any forward-looking statements.
VistaGen Company Contact
Mark A.
McPartland
VistaGen
Therapeutics Inc.
Phone:
+1 (650) 577-3600
Email: IR@vistagen.com