Norwood, MA, Jan. 24, 2019 (GLOBE NEWSWIRE) -- Corbus Pharmaceuticals Holdings, Inc. (NASDAQ: CRBP), a clinical stage drug development company with the industry’s leading pipeline focused on treating inflammatory and fibrotic diseases through the endocannabinoid system pathways, today announced that it plans to offer and sell shares of its common stock in an underwritten registered public offering. All of the shares in the offering are to be sold by Corbus. The offering is subject to market conditions, and there can be no assurance as to whether or when the offering may be completed, or the actual size or terms of the offering.
Corbus intends to use the net proceeds of the proposed underwritten offering to fund its continued development of lenabasum and the compounds recently licensed from Jenrin and for general corporate purposes, which may include funding preclinical studies and clinical trials, manufacturing lenabasum and the Jenrin compounds for clinical trials and commercial launch, and acquisitions or investments in businesses, products or technologies that are complementary, and to increase its working capital and fund capital expenditures.
Jefferies and RBC Capital Markets are acting as joint book-running managers for the offering. Corbus intends to grant the underwriters a 30-day option to purchase up to an additional 15% of the shares of common stock sold in the public offering.
About Corbus
Corbus Pharmaceuticals Holdings, Inc. is a Phase 3 clinical-stage pharmaceutical company focused on the development and commercialization of novel therapeutics to treat inflammatory and fibrotic diseases by leveraging its pipeline of endocannabinoid system-targeting synthetic drug candidates. The Company's lead product candidate, lenabasum, is a novel, synthetic, oral, selective cannabinoid receptor type 2 (CB2) agonist designed to resolve chronic inflammation and fibrotic processes. Lenabasum is currently being evaluated in systemic sclerosis, cystic fibrosis, dermatomyositis, and systemic lupus erythematosus.
