Salarius Announces Pricing of $20 Million Underwritten Public Offering of Common Stock

Rhea-AI Summary

Salarius Pharmaceuticals (SLRX) announced a public offering of 14,614,541 shares at $1.3685 each, aiming to raise approximately $20 million, with closing expected around March 8, 2021. The offering includes a 45-day option for underwriters to purchase an additional 2,192,181 shares. Ladenburg Thalmann is the book-running manager for this offering. The proceeds will support Salarius's clinical programs, including trials for its lead candidate, seclidemstat, a potential treatment for pediatric cancers and solid tumors.

Positive

• Public offering expected to raise approximately $20 million to support clinical programs.
• Seclidemstat is in Phase 1/2 trials for relapsed/refractory Ewing sarcoma, with Fast Track and Orphan Drug Designations.

Negative

• Potential for shareholder dilution due to the issuance of new shares.

HOUSTON, March 04, 2021 (GLOBE NEWSWIRE) -- Salarius Pharmaceuticals, Inc. (Nasdaq: SLRX), a clinical-stage biopharmaceutical company developing potential new medicines for patients with pediatric cancers, solid tumors, and other cancers, today announced the pricing of an underwritten public offering of 14,614,541 shares of its common stock at a price to the public of $1.3685 per share. The gross proceeds to Salarius from the offering, before deducting the underwriting discounts and commissions and other offering expenses, are expected to be approximately $20 million. The closing of the offering is expected to take place on or about March 8, 2021, subject to the satisfaction or waiver of customary closing conditions. In addition, Salarius has granted the underwriter a 45-day option to purchase up to 2,192,181 additional shares of common stock at the public offering price per share, less underwriting discounts and commissions.

Ladenburg Thalmann & Co. Inc. is acting as sole book-running manager in connection with the public offering.

The securities were offered pursuant to a registration statement on Form S-3 (File No. 333-231010), which was declared effective by the United States Securities and Exchange Commission (the “SEC”) on May 17, 2019. When available, copies of the final prospectus supplement and accompanying prospectus relating to the offering can be obtained at the SEC’s website at www.sec.gov or from Ladenburg Thalmann & Co. Inc., Attn: Prospectus Department, 640 Fifth Avenue, New York, NY 10019 or by email at prospectus@ladenburg.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 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 Salarius Pharmaceuticals, Inc.

Salarius Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company developing cancer therapies for patients in need of new treatment options. Salarius’ lead candidate, seclidemstat, is being studied as a potential treatment for pediatric cancers, solid tumors and other cancers with limited treatment options. Seclidemstat is currently in a Phase 1/2 clinical trial for relapsed/refractory Ewing sarcoma, for which it has received Fast Track Designation, Orphan Drug Designation and Rare Pediatric Disease Designation from the U.S. Food and Drug Administration. Salarius is also developing seclidemstat for several cancers with high unmet medical need, with a second clinical study in advanced solid tumors, including prostate, breast, and ovarian cancers. Salarius has received financial support from the National Pediatric Cancer Foundation to advance the Ewing sarcoma clinical program and was also the recipient of a Product Development Award from the Cancer Prevention and Research Institute of Texas (CPRIT). For more information, please visit salariuspharma.com.

Forward-Looking Statements

This press release contains forward-looking statements within the Private Securities Litigation Reform Act of 1995, including statements that relate to the offering, the expected completion of the offering, and other information that is not historical information. Actual results or developments may differ materially from those projected or implied in these forward-looking statements. Factors that may cause such a difference include risks and uncertainties related to completion of the public offering on the anticipated terms or at all, market conditions, the impact of the COVID-19 pandemic, and the satisfaction of customary closing conditions related to the public offering. More information about the risks and uncertainties faced by Salarius is contained in the sections captioned “Risk Factors” in the preliminary prospectus supplement and the accompanying prospectus related to the public offering filed with the SEC, including the documents incorporated by reference therein. Salarius disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Contact

Tiberend Strategic Advisors, Inc.
Maureen McEnroe, CFA/Miriam Miller (investors)
(212) 375-2664 / 2694
mmcenroe@tiberend.com
mmiller@tiberend.com

Johanna Bennett (media)
(212) 375-2686
jbennett@tiberend.com

FAQ

What is the purpose of Salarius Pharmaceuticals' public offering on March 4, 2021?

The offering aims to raise approximately $20 million to support clinical programs, primarily for seclidemstat.

What is the expected closing date for Salarius Pharmaceuticals' offering?

The closing of the offering is expected around March 8, 2021.

How many shares of common stock is Salarius Pharmaceuticals offering?

Salarius is offering 14,614,541 shares of its common stock.

What is the stock symbol for Salarius Pharmaceuticals?

The stock symbol for Salarius Pharmaceuticals is 'SLRX'.

Who is the book-running manager for Salarius Pharmaceuticals' public offering?

Ladenburg Thalmann is acting as the sole book-running manager for the public offering.