Clarus Therapeutics (CRXT) Announces 3.02M Share Private Placement at $4.96/sh

Clarus Therapeutics Holdings, Inc. (Nasdaq: CRXT), a pharmaceutical company dedicated to providing solutions to unmet medical needs by advancing androgen and metabolic therapies for men and women, today announced that it has entered into a definitive agreement to sell securities in a private placement with a leading healthcare investor. The gross proceeds to Clarus from the private placement, before deducting the placement agents’ fees and other estimated offering expenses payable by Clarus, are expected to be approximately $15 million.

Clarus intends to use the net proceeds from the private placement to support growth initiatives for its near-term commercial objectives for its oral testosterone replacement product, JATENZO.

Pursuant to the terms of the securities purchase agreement, Clarus will issue to the investor 3,024,194 units at a price of $4.96 per unit. Each unit consists of one share of common stock (or one pre-funded warrant in lieu thereof), and a warrant to purchase one share of common stock at an exercise price of $5.25 per share. The warrants will become exercisable six months following the closing and have a five-year term. The private placement is expected to close on or about December 7, 2021, subject to the satisfaction of customary closing conditions.

Cantor Fitzgerald & Co. and Oppenheimer & Co. Inc. are acting as lead placement agents for the private placement.

The securities are being sold in a private placement and have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. The Company has agreed to file a resale registration statement with the Securities and Exchange Commission (the “SEC”), for purposes of registering the resale of the shares of common stock issued or issuable in connection with the offering.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor may there be any sale of any 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 any such state or jurisdiction.

About Clarus Therapeutics Holdings, Inc.Clarus Therapeutics Holdings, Inc. is a pharmaceutical company with expertise in developing androgen and metabolic therapies for men and women – including potential therapies for orphan indications. Clarus Therapeutics’ first commercial product is JATENZO® (testosterone undecanoate).

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