Hepion Announces Closing of Public Offering of Common StockNovember 30, 2020
Includes Full Exercise of Underwriters' Overallotment Option
EDISON, NJ / ACCESSWIRE / November 30, 2020 / Hepion Pharmaceuticals, Inc. (NASDAQ:HEPA), a clinical stage biopharmaceutical company focused on Artificial Intelligence ("AI")-driven therapeutic drug development for the treatment of non-alcoholic steatohepatitis ("NASH") and liver disease (the "Company"), today announced that it has closed its previously announced underwritten public offering of common stock, including the full exercise of the underwriters' overallotment option, resulting in aggregate gross proceeds to the Company of $34.5 million. After deducting underwriting fees and other offering expenses payable by the Company, the net proceeds to the Company were approximately $31.7 million.
ThinkEquity, a division of Fordham Financial Management, Inc., acted as sole book-running manager for the offering.
Hepion intends to use the net proceeds from the offering to fund research and development activities, as well as for working capital and other general corporate purposes.
This offering was made pursuant to a registration statement on Form S-1 (No. 333- 249724) previously filed with the U.S. Securities and Exchange Commission (the "SEC") and subsequently declared effective on November 24, 2020. A final prospectus related to the offering was filed and is available on the SEC's website. Electronic copies of the final prospectus may be obtained from ThinkEquity, a division of Fordham Financial Management, Inc., 17 State Street, 22nd Floor, New York, New York 10004, Telephone: (877) 436-3673; Email: email@example.com.
This press release does 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 that state or jurisdiction.
About Hepion Pharmaceuticals
Hepion Pharmaceuticals is a clinical stage biopharmaceutical company focused on the development of targeted therapies for the treatment of non-alcoholic steatohepatitis (NASH) and other liver diseases. The Company's lead drug candidate, CRV431, is an inhibitor of cyclophilin enzymes and currently is in Phase 2 clinical studies for NASH. Nonclinical studies in experimental disease models have demonstrated positive effects of CRV431 that are anticipated to be beneficial in treating human diseases, including anti-fibrotic, anti-inflammatory, anti-tumor, and antiviral activities. The Company's proprietary artificial intelligence-driven bioinformatics platform, AI-POWR™, has been developed to explore and understand the heterogeneity of diseases such as NASH, while offering the ability to optimize clinical trials.
Forward Looking Statements
Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as "anticipate," "believe," "forecast," "estimated," and "intend," among others. These forward-looking statements are based on Hepion Pharmaceuticals' current expectations and actual results could differ materially. There are a number of factors that could cause actual events to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, that AI-POWR™ may fail to help us to discover and develop additional potential product candidates, substantial competition; our ability to continue as a going concern; our need for additional financing; uncertainties of patent protection and litigation; risks associated with delays, increased costs and funding shortages caused by the COVID-19 pandemic; uncertainties with respect to lengthy and expensive clinical trials, that results of earlier studies and trials may not be predictive of future trial results; uncertainties of government or third party payer reimbursement; limited sales and marketing efforts and dependence upon third parties; and risks related to failure to obtain FDA clearances or approvals and noncompliance with FDA regulations. As with any drug candidates under development, there are significant risks in the development, regulatory approval, and commercialization of new products. Hepion Pharmaceuticals does not undertake an obligation to update or revise any forward-looking statement. Investors should read the risk factors set forth in Hepion Pharmaceuticals' Form 10-K for the year ended December 31, 2019 and other periodic reports filed with the Securities and Exchange Commission as well as the Company's final prospectus filed with the Securities and Exchange Commission pursuant to Rule 424(b)(4) on November 24, 2020.
For further information, please contact:
Hepion Pharmaceuticals Investor Relations
Direct: (646) 274-3580
SOURCE: Hepion Pharmaceuticals, Inc.
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