HOPKINTON, Mass., June 22, 2017 (GLOBE NEWSWIRE) -- Spring Bank Pharmaceuticals, Inc. (Nasdaq:SBPH), a clinical-stage biopharmaceutical company developing novel therapeutics for the treatment of viral infections, cancer, and inflammatory diseases, announced today the pricing of its previously announced underwritten public offering of 2,884,615 shares of its common stock at a price to the public of $13.00 per share. Spring Bank’s gross proceeds from this offering are expected to be approximately $37.5 million, before deducting underwriting discounts and commissions and estimated offering expenses. In addition, Spring Bank has granted the underwriters a 30-day option to purchase up to an additional 432,692 shares of common stock on the same terms and conditions. All of the shares in the offering are being sold by Spring Bank. The offering is expected to close on or about June 27, 2017, subject to customary closing conditions.
Cantor Fitzgerald & Co. and William Blair & Company, L.L.C. are acting as joint book-running managers and representatives of the underwriters for the offering. Chardan is acting as co-manager for the offering.
Spring Bank intends to use the net proceeds from this offering for continued development of its product candidates and general corporate purposes.
About Spring Bank Pharmaceuticals, Inc.
Spring Bank Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company engaged in the discovery and development of a novel class of therapeutics using its proprietary small molecule nucleic acid hybrid (SMNH) chemistry platform. SMNH compounds are small segments of nucleic acids that the company designs to selectively target and modulate the activity of specific proteins implicated in various disease states. The company is developing its most advanced SMNH product candidate, SB 9200, for the treatment of viral diseases, including hepatitis B virus (HBV) and other SMNH product candidates, including SB 11285, the company’s lead immunotherapeutic agent for the treatment of selected cancers through the activation of the STimulator of INterferon Genes, or STING, pathway.
