Esperion Announces Closing of $225 Million Public Offering

Rhea-AI Summary

Esperion (NASDAQ: ESPR) has successfully closed its public offering of 32,142,858 shares of common stock and warrants, raising approximately $225 million in gross proceeds. After expenses, net proceeds total around $208.8 million. The underwriter has also partially exercised a 30-day option for additional warrants. The funds will support the commercialization of NEXLETOL and NEXLIZET, as well as research and development efforts. The offering was conducted under a previously filed shelf registration statement with the SEC.

Positive

• Raised approximately $225 million in gross proceeds from the public offering.
• Net proceeds of about $208.8 million will fund commercialization and R&D efforts.

Negative

• Potential dilution of existing shareholders due to the increased number of shares issued.

ANN ARBOR, Mich., Dec. 07, 2021 (GLOBE NEWSWIRE) -- Esperion (NASDAQ: ESPR) (“Esperion” or the “Company”), today announced the closing of its previously announced underwritten public offering of 32,142,858 shares of its common stock and accompanying warrants to purchase an aggregate of up to 32,142,858 shares of common stock for gross proceeds of approximately $225 million, before deducting underwriting discounts and commissions and other offering expenses. In addition, the Company granted the underwriter a 30-day option to purchase up to an additional 4,821,428 shares of its common stock and/or additional warrants to purchase up to 4,821,428 shares of its common stock, which the underwriter has partially exercised for warrants to purchase 4,821,428 shares of common stock. At closing, Esperion received net proceeds from the offering of approximately $208.8 million, after deducting underwriting discounts and commissions and estimated offering expenses.  All of the securities sold in the offering were offered by Esperion.

Esperion intends to use the net proceeds from the offering to fund the ongoing commercialization efforts for NEXLETOL and NEXLIZET, research and clinical development of current or additional pipeline candidates, and general corporate purposes.

H.C. Wainwright & Co. acted as sole book-running manager for the public offering.

The offering was made only by means of a written prospectus and related prospectus supplement forming part of Esperion’s shelf registration statement on Form S‑3ASR (File No. 333-258397) that was previously filed with the Securities and Exchange Commission (the “SEC”) on August 3, 2021, and which became effective upon filing. The final prospectus supplement and accompanying base prospectus relating to, and describing the terms of, the offering were filed with the SEC and are available on the SEC’s website at www.sec.gov. Electronic copies of the final prospectus supplement and the accompanying base prospectus relating to the offering may also be obtained by contacting H.C. Wainwright & Co., LLC, at 430 Park Ave., New York, New York 10022, by telephone at (212) 856-5711, or by email at placements@hcwco.com.

This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities in this offering, 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 Esperion Therapeutics

Esperion is The Lipid Management Company. Our goal is lipid management for everybody, that’s why we work hard to make our medicines easy to get, easy to take and easy to have. We discover, develop and commercialize innovative medicines and combinations to lower cholesterol, especially for patients whose needs aren’t being met by the status quo. Our entrepreneurial team of industry leaders is inclusive, passionate and resourceful. For more information, please visit www.esperion.com and follow us on Twitter at www.twitter.com/EsperionInc.

Forward-Looking Statements

This press release contains forward-looking statements that are made pursuant to the safe harbor provisions of the federal securities laws, including, without limitation, statements related to the intended use of proceeds from the public offering. Any express or implied statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause Esperion's actual results to differ significantly from those projected, including, without limitation, market and other conditions, the impact of COVID-19 on our business, clinical activities and results, supply chain, commercial development and launch plans, and the risks detailed in Esperion's filings with the Securities and Exchange Commission. All forward-looking statements included in this press release are expressly qualified in their entirety by the foregoing cautionary statements. Any forward-looking statements contained in this press release speak only as of the date hereof, and Esperion disclaims any obligation or undertaking to update or revise any forward-looking statements contained in this press release, other than to the extent required by law. 

Contact:

Corporate Communications
Ben Church/Kaitlyn Brosco
bchurch@esperion.com/kbrosco@esperion.com 

FAQ

What was the purpose of Esperion's public offering on December 7, 2021?

Esperion aimed to raise funds for the ongoing commercialization of NEXLETOL and NEXLIZET, as well as for research and clinical development.

How much did Esperion raise from its recent stock offering?

Esperion raised approximately $225 million in gross proceeds from the offering.

Will existing shareholders be affected by Esperion's recent stock offering?

Yes, there could be potential dilution for existing shareholders due to the increase in the number of shares issued.

What is the stock symbol for Esperion?

The stock symbol for Esperion is ESPR.

Who managed Esperion's public offering?

H.C. Wainwright & Co. acted as the sole book-running manager for the public offering.