Optinose Announces Proposed Public Offering of Common Stock

Rhea-AI Summary

Optinose (NASDAQ:OPTN) announces plans for an underwritten public offering of common stock. All shares will be sold by the company, with an option for underwriters to purchase an additional 15% within 30 days. Proceeds will be used for working capital, general corporate purposes, and to support the commercialization and clinical development of XHANCE. The public offering price is yet to be determined and is subject to market conditions.

Positive

• Funds will support general corporate purposes and commercialization of XHANCE.
• The offering may facilitate clinical development for chronic sinusitis.

Negative

• Dilution risk for existing shareholders due to the sale of additional shares.
• Market uncertainty regarding completion of the offering.

YARDLEY, Pa., Nov. 15, 2021 (GLOBE NEWSWIRE) -- Optinose (NASDAQ:OPTN), a pharmaceutical company focused on patients treated by ear, nose and throat (ENT) and allergy specialists, today announced that it intends to offer and sell shares of its common stock in an underwritten public offering. All shares of common stock to be sold in the offering will be sold by Optinose. In addition, Optinose is expected to grant the underwriters an option for a period of 30 days to purchase up to an additional 15% of the total number of shares to be offered at the public offering price, less the underwriting discount. The public offering price has not yet been determined. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed.

Optinose intends to use the net proceeds of the offering for working capital and general corporate purposes, including the commercialization of XHANCE, the clinical development of XHANCE for a follow-on indication for the treatment of chronic sinusitis and other potential development programs.

Piper Sandler is acting as the lead book-running manager and Cantor Fitzgerald & Co. is acting as passive book-running manager for the offering.

The securities described above are being offered by Optinose pursuant to a shelf registration statement on Form S-3 (No. 333-258707) previously filed with the Securities and Exchange Commission (SEC) on August 11, 2021 and declared effective by the SEC on August 31, 2021.

The securities will be offered by means of a prospectus supplement and accompanying prospectus relating to the offering that form a part of the registration statement. A preliminary prospectus supplement and the accompanying prospectus relating to and describing the terms of the offering will be filed with the SEC and will be available on the SEC’s website at http://www.sec.gov. Copies of the final prospectus supplement, when available, and accompanying prospectus relating to the offering may be obtained from: Piper Sandler & Co., Attention: Prospectus Department, 800 Nicollet Mall, J12S03, Minneapolis, Minnesota 55402, by email at prospectus@psc.com, or by phone at (800) 747-3924 or Cantor Fitzgerald & Co., Attn: Capital Markets, 499 Park Avenue, 6th floor, New York, NY 10022; Email: 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 of these securities under the securities laws of any such state or jurisdiction.

About Optinose
Optinose is a specialty pharmaceutical company focused on serving the needs of patients cared for by ear, nose and throat (ENT) and allergy specialists.

Cautionary Note on Forward-Looking Statement
This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. All statements that are not historical facts are hereby identified as forward-looking statements for this purpose and include, among others, statements regarding the terms of the proposed public offering, Optinose’s expectations with respect to granting the underwriters a 30-day option to purchase additional shares, the completion and timing of the proposed public offering and the expected use of proceeds from the proposed offering. Forward-looking statements are based upon management’s current expectations and assumptions and are subject to a number of risks, uncertainties and other factors that could cause actual results and events to differ materially and adversely from those indicated by such forward-looking statements including, among others: satisfaction of the customary closing conditions of the offering; delays in obtaining required stock exchange or other regulatory approvals; stock price volatility and risks and uncertainties related to market conditions; the impact of general business and economic conditions; and the risks, uncertainties and other factors discussed under the caption “Item 1A. Risk Factors” and elsewhere in Optinose’s most recent Form 10-K and Form 10-Q filings with the Securities and Exchange Commission - which are available at www.sec.gov. As a result, you are cautioned not to place undue reliance on any forward-looking statements. Any forward-looking statements made in this press release speak only as of the date of this press release, and Optinose undertakes no obligation to update such forward-looking statements, whether as a result of new information, future developments or otherwise.

Optinose Investor Contact
Jonathan Neely
jonathan.neely@optinose.com
267.521.0531

FAQ

What is the purpose of Optinose's public offering of common stock on November 15, 2021?

The purpose is to raise funds for working capital, general corporate purposes, and the commercialization of XHANCE.

How many additional shares can underwriters purchase in Optinose's offering?

Underwriters have the option to purchase up to an additional 15% of the total shares offered.

What is the potential impact of the offering on Optinose shareholders?

The offering may result in dilution for existing shareholders.

When was the registration statement for the offering filed with the SEC?

The registration statement was filed on August 11, 2021, and declared effective on August 31, 2021.

Who is managing the public offering for Optinose?

Piper Sandler is the lead book-running manager, with Cantor Fitzgerald & Co. as the passive book-running manager.