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Chiasma Announces Closing of $34.5 Million Offering of Common Stock and Full Exercise of Underwriters’ Option

1182 Days ago

WALTHAM, Mass., April 03, 2019 (GLOBE NEWSWIRE) -- Chiasma, Inc. (Nasdaq: CHMA), a clinical-stage biopharmaceutical company focused on improving the lives of patients with rare and serious chronic diseases, today announced that it has closed its previously announced underwritten public offering of 7,263,158 shares of its common stock at a price to the public of $4.75 per share for gross proceeds of approximately $34.5 million. The shares include 947,368 shares of common stock sold pursuant to the option granted by the Company to the underwriters, which option was exercised in full. Chiasma anticipates using the proceeds from the offering primarily for development costs, including the conduct of its ongoing Phase 3 clinical trials of octreotide capsules, preparation for potential commercialization in the United States, and for working capital and other general corporate purposes.

Cantor Fitzgerald & Co. acted as sole book-running manager for the offering. H.C. Wainwright & Co., Roth Capital Partners, Brookline Capital Markets, a division of CIM Securities, LLC and LifeSci Capital LLC acted as co-managers for the offering.

The offering was made pursuant to a shelf registration statement on Form S-3 (File No. 333-223850), including a base prospectus, filed by Chiasma on March 22, 2018 and declared effective by the Securities and Exchange Commission, or the SEC, on May 3, 2018. The offering was made only by means of a prospectus. A final prospectus supplement relating to and describing the terms of the offering was filed with the SEC on March 29, 2019 and is available on the SEC’s website at www.sec.gov. A copy of the final prospectus supplement and the accompanying prospectus relating to the offering may also be obtained from the offices of Cantor Fitzgerald & Co., Attention: Capital Markets, 499 Park Ave., 6th Floor, New York, New York 10022, or by email at prospectus@cantor.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, 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 such state or jurisdiction.

About Chiasma

Chiasma, Inc. (Nasdaq: CHMA) is focused on improving the lives of patients who face challenges associated with their existing treatments for rare and serious chronic diseases. Employing its Transient Permeability Enhancer (TPE®) technology platform, Chiasma seeks to develop oral medications that are currently available only as injections. In September 2017, the Company initiated CHIASMA OPTIMAL, its third Phase 3 clinical trial for its octreotide capsules product candidate, conditionally trade-named MYCAPSSA®, for the maintenance therapy of adult patients with acromegaly in whom prior treatment with somatostatin analogs has been shown to be effective and tolerated following agreement with the FDA on the design of the trial through a special protocol assessment. Chiasma is headquartered in Waltham, MA with a wholly-owned subsidiary in Israel. MYCAPSSA, TPE and CHIASMA are registered trademarks of Chiasma.

Forward-Looking Statements

This release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding Chiasma’s public offering, expected use of proceeds, future expectations, plans and prospects for the Company. Any forward-looking statements in this press release are based on management’s current expectations of future events and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements. For a discussion of these and other risks and uncertainties, and other important factors, any of which could cause our actual results to differ from those contained in the forward-looking statements, see the section entitled “Risk Factors” in Chiasma’s Annual Report on Form 10-K for the year ended December 31, 2018, and in subsequent filings with the Securities and Exchange Commission. All information in this press release is as of the date of the release, and Chiasma undertakes no duty to update this information unless required by law.

Ashley R. Robinson
LifeSci Advisors, LLC

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