Norwood, MA, Jan. 25, 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 the pricing of an underwritten public offering of 5,390,000 shares of its common stock at a public offering price of $6.50 per share, for a total public offering size of approximately $35 million, before deducting underwriting discounts and estimated offering expenses. In addition, Corbus has granted the underwriters a 30-day option to purchase up to an additional 808,500 shares of its common stock on the same terms and conditions. All of the shares in the offering are being sold by Corbus. The offering is expected to close on or about January 29, 2019, subject to customary closing conditions.
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. JMP Securities, Oppenheimer & Co. and B. Riley FBR are acting as co-managers.
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.
