Aerie Pharma (AERI) Updates on Outstanding Shares, Cash Balance
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Aerie Pharma (NASDAQ: AERI) disclosed the following on Thursday morning:
Item 7.01. Regulation FD Disclosure.
Subsequent to June 30, 2016, Aerie Pharmaceuticals, Inc. (the “Company”) issued and sold a total of 4,067,733 shares of common stock under separate at-the-market sales agreements with RBC Capital Markets, LLC and Cantor Fitzgerald & Co. and received net proceeds of approximately $94.3 million, after deducting fees and other offering expenses. In addition, the Company issued and sold 2,542,373 shares of common stock pursuant to the underwriting agreement, dated September 15, 2016, between the Company and Cantor Fitzgerald & Co., and received net proceeds of approximately $71.3 million, after deducting underwriting discounts and commissions and other offering expenses.
After giving effect to the foregoing issuances of shares and the net proceeds therefrom, the Company expects total shares outstanding and cash and cash equivalents as of September 30, 2016 to be approximately 33 million shares and $250 million, respectively.
Based upon current business plans, the Company has updated full-year 2016 cash burn guidance to approximately $85 million, an increase from the previous guidance of $75 million. The updated guidance reflects new initiatives such as start-up efforts for clinical trials in Japan and commencement of construction of a manufacturing plant in Ireland. With this updated full-year 2016 cash burn guidance, the Company expects cash and cash equivalents to total approximately $230 million as of December 31, 2016.
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