Attached files
Exhibit 99.2
VistaGen Therapeutics Announces Closing of $12.5 Million
Underwritten Public Offering
SOUTH SAN FRANCISCO, Calif., August 5, 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 closing of its previously announced
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 were $12.5 million, before underwriting discounts
and commissions and estimated offering expenses. In addition,
VistaGen 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, general
research and development, working capital and general corporate
purposes.
Maxim
Group LLC acted as sole book-running manager for the
offering.
The
securities described above were offered by VistaGen 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 were offered by means of a
prospectus supplement and accompanying prospectus, forming part of
the registration statement. The prospectus supplement and
accompanying prospectus relating to this public offering have been
filed with the SEC. Copies of the final prospectus supplement and
accompanying prospectus relating to the public offering may be
obtained by contacting Maxim Group LLC, at 405 Lexington Avenue,
2nd Floor, New York, NY 10174, Attention: Prospectus Department, 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. 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 underwriters’ potential
exercise of their 45-day option to purchase up to an additional
2,343,750 shares of our common stock at the per share public
offering price, less discounts and commissions (the
“Over-allotment Option”).
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 additional shares of common stock
to the underwriters pursuant to the Over-allotment Option, market
and other conditions, and the impact of general economic, industry
or political conditions in the United States or internationally.
Therefore, there can be no assurance that the underwriters will
exercise the Over-allotment Option. 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 final prospectus
supplement and accompanying prospectus 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