Hepion Pharmaceuticals, Inc. Announces Closing of Public Offering
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EDISON, NJ / ACCESSWIRE / February 18, 2021 / Hepion Pharmaceuticals, Inc. (NASDAQ: HEPA), today announced the closing of its previously announced public offering of 44,200,000 shares of its common stock at a public offering price of $2.00 per share, for gross proceeds of $88,400,000, before deducting underwriting discounts and offering expenses. After deducting underwriting fees and other offering expenses payable by the Company, the net proceeds to the Company were approximately $82.1 million.
The Company intends to use the net proceeds from the offering to fund research and development activities, as well as for working capital and other general corporate purposes.
ThinkEquity, a division of Fordham Financial Management, Inc., acted as sole book-running manager for the offering.
A shelf registration statement on Form S-3 (File No. 333-229534), including a base prospectus, was filed with the U.S. Securities and Exchange Commission (the "SEC") on February 6, 2019 and declared effective on February 19, 2019. The offering was made by means of a written prospectus and prospectus supplement. The final prospectus supplement and accompanying prospectus related to the offering was filed with the SEC on February 16, 2021 and made available on the SEC's website at www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus relating to the offering may be obtained from ThinkEquity, a division of Fordham Financial Management, Inc., 17 State Street, 22nd Floor, New York, New York 10004, by telephone at (877) 436-3673, by email at email@example.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 registration or qualification under the securities laws of any such state or other jurisdiction.
About Hepion Pharmaceuticals, Inc.
The Company's lead drug candidate, CRV431, is a potent inhibitor of cyclophilins, which are involved in many disease processes. CRV431 is currently in clinical-phase development for the treatment of NASH, with the potential to play an important role in the overall treatment of liver disease - from triggering events through to end-stage disease. CRV431 has been shown to reduce liver fibrosis and hepatocellular carcinoma tumor burden in experimental models of NASH; and has demonstrated antiviral activities towards HBV, HCV, and HDV through several mechanisms, in preclinical studies.
Hepion has created a proprietary AI platform, called AI-POWR", which stands for Artificial Intelligence - Precision Medicine; Omics (including genomics, proteomics, metabolomics, transcriptomics, and lipidomics); World database access; and Response and clinical outcomes. Hepion intends to use AI-POWR" to help identify which NASH patients will best respond to CRV431, potentially shortening development timelines and increasing the delta between placebo and treatment groups. In addition to using AI-POWR" to drive its ongoing Phase 2a NASH program, Hepion will use the platform to identify additional potential indications for CRV431 to expand the company's footprint in the cyclophilin inhibition therapeutic space.
Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as "anticipate," "believe," "forecast," "estimated," and "intend," among others. These forward-looking statements are based on Hepion Pharmaceuticals' current expectations and actual results could differ materially. There are a number of factors that could cause actual events to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, that AI-POWR" may fail to help us to discover and develop additional potential product candidates, substantial competition; our ability to continue as a going concern; our need for additional financing; uncertainties of patent protection and litigation; risks associated with delays, increased costs and funding shortages caused by the COVID-19 pandemic; uncertainties with respect to lengthy and expensive clinical trials, that results of earlier studies and trials may not be predictive of future trial results; uncertainties of government or third party payer reimbursement; limited sales and marketing efforts and dependence upon third parties; and risks related to failure to obtain FDA clearances or approvals and noncompliance with FDA regulations. As with any drug candidates under development, there are significant risks in the development, regulatory approval, and commercialization of new products. Hepion Pharmaceuticals does not undertake an obligation to update or revise any forward-looking statement. Investors should read the risk factors set forth in Hepion Pharmaceuticals' Form 10-K for the year ended December 31, 2019 and other periodic reports filed with the Securities and Exchange Commission as well as the Company's final prospectus supplement filed with the Securities and Exchange Commission on February 16, 2021.
For Investor Relations Inquiries:
Hepion Pharmaceuticals, Inc.
Hepion Pharmaceuticals Investor Relations
SOURCE: Hepion Pharmaceuticals, Inc.
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