scPharmaceuticals Announces Pricing of $50 Million Public Offering

Rhea-AI Summary

scPharmaceuticals Inc. (Nasdaq: SCPH) announced a public offering of 6,620,000 shares of common stock at $5.25 each, alongside a prefunded warrant for 2,905,000 additional shares at $5.249 each. The total gross proceeds are projected at approximately $50 million, prior to expenses. The offering is set to close on November 25, 2022, pending customary conditions. SVB Securities and Cowen are leading the offering. The securities are registered under a shelf registration statement filed with the SEC.

Positive

• Gross proceeds of approximately $50 million will enhance the company's financial position.
• The issuance of prefunded warrants indicates investor confidence.

Negative

• Share dilution risk due to the increase in outstanding shares from the public offering.

BURLINGTON, Mass., Nov. 22, 2022 (GLOBE NEWSWIRE) -- scPharmaceuticals Inc. (Nasdaq: SCPH), a pharmaceutical company focused on developing and commercializing products that have the potential to optimize the delivery of infused therapies, advance patient care, and reduce healthcare costs, today announced the pricing of an underwritten public offering of 6,620,000 shares of its common stock at a public offering price of $5.25 per share and, to an investor in lieu of common stock, a prefunded warrant to purchase up to 2,905,000 shares of common stock at a purchase price of $5.249 per underlying share, for gross proceeds of approximately $50.0 million, before deducting underwriting discounts and commissions and other offering expenses and excluding the exercise of the pre-funded warrant. The prefunded warrant has an exercise price of $0.001 per share.  All of the shares and the prefunded warrant are being offered by scPharmaceuticals. The offering is expected to close on November 25, 2022, subject to the satisfaction of customary closing conditions.

SVB Securities and Cowen are acting as joint book-running managers for the offering. H.C. Wainwright & Co. and Maxim Group LLC are acting as co-managers for the offering.  

The offering is being made pursuant to a shelf registration statement on Form S-3, including a base prospectus, that was filed by the Company with the U.S. Securities and Exchange Commission (“SEC”) on March 23, 2021 and declared effective on April 29, 2021 (the “Registration Statement”). A preliminary prospectus supplement related to the offering was filed with the SEC on November 21, 2022. The final prospectus supplement related to the offering will be filed with the SEC and will be available on the SEC’s website at www.sec.gov. Copies of the preliminary prospectus supplement and the accompanying base prospectus relating to the offering, when available, may be obtained from: SVB Securities LLC, Attention: Syndicate Department, 53 State Street, 40th Floor, Boston, Massachusetts 02109; by telephone at (800) 808-7525, ext. 6105; or email: syndicate@svbsecurities.com; Cowen and Company, LLC, c/o Broadridge Financial Solutions, Attention: Prospectus Department, 1155 Long Island Avenue, Edgewood, NY 11717, or by telephone at (833) 297-2926, or by email at PostSaleManualRequests@broadridge.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 the registration or qualification under the securities laws of such state or jurisdiction.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to our future expectations, beliefs, plans, strategies, objectives, results, conditions, financial performance, prospects, or other events. Such forward-looking statements include, but are not limited to, those regarding the anticipated completion of the offering and the anticipated net proceeds from the offering. In some cases, forward-looking statements can be identified by the use of words such as “will,” “may,” “believe,” “expect,” “look forward,” “on track,” “guidance,” “anticipate,” “estimate,” “project” and similar expressions, and the negatives thereof (if applicable).

Our forward-looking statements are based on estimates and assumptions that are made within the bounds of our knowledge of our business and operations and that we consider reasonable. However, our business and operations are subject to significant risks, and, as a result, there can be no assurance that actual results of our research, development and commercialization activities and the results of our business and operations will not differ materially from the results contemplated in such forward-looking statements. Factors that could cause actual results to differ from expectations in our forward-looking statements include the risks and uncertainties described in the “Risk Factors” section of our Annual Report on Form 10-K for the year ended December 31, 2021, which we filed with the SEC on March 22, 2022, subsequent filings with the SEC and the preliminary prospectus supplement related to this offering.

Forward-looking statements speak only as of the date they are made and are not guarantees of future performance. Accordingly, you should not place undue reliance on forward-looking statements. We do not undertake any obligation to publicly update or revise our forward-looking statements, except as required by law.

Katherine Taudvin
scPharmaceuticals Inc., 781-301-6706
ktaudvin@scpharma.com

Investors:
Hans Vitzthum
LifeSci Advisors, 617-430-7578
hans@lifesciadvisors.com

 

FAQ

What is the pricing of the scPharmaceuticals stock offering?

The public offering price is set at $5.25 per share.

How many shares is scPharmaceuticals offering?

scPharmaceuticals is offering 6,620,000 shares of common stock.

When is the scPharmaceuticals offering expected to close?

The offering is expected to close on November 25, 2022.

What are the intended proceeds from the scPharmaceuticals stock offering?

The offering aims to generate approximately $50 million in gross proceeds.

Who are the managers for the scPharmaceuticals offering?

SVB Securities and Cowen are acting as joint book-running managers.