NuPathe Announces Closing of $28 Million Private Placement and
Changes to Its Board of Directors
CONSHOHOCKEN, PA -- (Marketwire) -- 10/23/12 -- NuPathe Inc.
(NASDAQ: PATH), a specialty pharmaceutical company focused on the
development and commercialization of branded therapeutics for
diseases of the central nervous system, today announced the closing
of its previously disclosed $28 million sale of securities. The
securities were sold as units, each consisting of 1/1,000th of a
share of newly designated Series A preferred stock and a warrant to
purchase one share of the Company's common stock. The purchase price
per unit was $2.00. Leerink Swann LLC acted as lead placement agent
and MTS Securities, LLC acted as co-placement agent in connection
with the financing.
In addition, NuPathe announced that, in conjunction with the
financing, James A. Datin, Executive Vice President and Managing
Director, and Brian J. Sisko, Senior Vice President and General
Counsel at Safeguard Scientifics, Inc. (NYSE: SFE), along with
Richard S. Kollender, Partner at Quaker Partners Management, L.P.
were appointed to NuPathe's Board of Directors. Jeanne Cunicelli,
Investment Partner at Bay City Capital LLC, and Dr. Gary Kurtzman,
Senior Vice President and Managing Director at Safeguard, resigned
from the board.
"We welcome Jim, Brian and Richard to our Board, and expect their
significant industry and business expertise to be strong assets for
NuPathe as we work to obtain approval for Zecuity(TM), seek a
commercial partner, and conduct pre-launch activities for this
valuable new treatment," said Armando Anido, Chief Executive Officer
at NuPathe. "We also thank Jeanne and Gary for their valuable
contributions to the company."
Jim Datin is currently Executive Vice President and Managing Director
at Safeguard Scientifics, a growth capital provider to life sciences
and technology companies. Jim brings to the NuPathe board more than
25 years of experience as a successful CEO, who has raised capital
for entrepreneurs to grow companies, and has turned around troubled
companies throughout the United States, Europe and Asia. At
Safeguard, Jim leverages this expertise to drive partnership
opportunities for both life science and technology partner companies,
and has earned a multinational track record of success. Prior to
Safeguard, Jim was CEO of Touchpoint Solutions; Group President of
Dendrite International; Group Director, Corporate Business Strategy
and Planning at GlaxoSmithKline (NYSE: GSK); CEO of Isuta Holdings
Berhad; and Director, International Business at Baxter International,
Inc. (NYSE: BAX) /Merck KGaA. Jim currently serves on the board of
directors of NovaSom, Putney, Hepatitis B Foundation, and the
University City Science Center.
Richard Kollender is a partner at Quaker Partners, a venture capital
and growth equity firm with a focus on the life sciences industry.
Prior to joining Quaker Partners in 2003, Richard held positions in
sales, marketing and worldwide business development at
GlaxoSmithKline. Richard also served as investment manager at S.R.
One where he evaluated potential investment opportunities, performed
due diligence, structured and negotiated investments and worked with
management teams to execute their strategies following investment.
Prior to GlaxoSmithKline, Richard was a CPA with KPMG Peat Marwick
with an emphasis on the healthcare and emerging businesses sectors.
Richard currently serves on the board of directors of Insmed (NASDAQ:
INSM), Precision Therapeutics, Rapid Micro Biosystems, and Celator
Pharmaceuticals. Richard was previously a member of the board of
directors of NuPathe from 2007 to 2011.
Brian Sisko is currently Senior Vice President and General Counsel at
Safeguard Scientifics. Brian has over 25 years of experience working
with start-up and development-stage companies in various positions,
including external legal counsel, internal counsel, executive
officer, investor and consultant. Prior to joining Safeguard in 2007,
Brian worked with Traffic.com where he was Senior Vice President and
General Counsel. Previously, Brian was Chief Operating Officer of
Halo Technology Holdings. Prior to that, he held a variety of
positions in the venture capital and legal fields. Currently, Brian
serves on the board of directors of AdvantEdge Healthcare Solutions,
NovaSom, and Penn Mezzanine.
The securities offered and sold by NuPathe in the above referenced
private placement financing have not been registered under the
Securities Act of 1933, as amended, or state securities laws and may
not be offered or sold in the United States absent registration with
the Securities and Exchange Commission or an applicable exemption
from registration requirements.
NuPathe Inc. is a specialty pharmaceutical company
focused on innovative neuroscience solutions for diseases of the
central nervous system including neurological and psychiatric
disorders. NuPathe's lead product candidate, Zecuity(TM) (previously
referred to as Zelrix or NP101) is an active, single-use, transdermal
sumatriptan patch being developed for the treatment of migraine. In
addition to Zecuity, NuPathe has two proprietary product candidates
based on its LAD(TM), or Long-Acting Delivery, biodegradable implant
technology that allows delivery of therapeutic levels of medication
over a period of months with a single dose. NP201, for the continuous
symptomatic treatment of Parkinson's disease, utilizes a leading
FDA-approved dopamine agonist, ropinirole, and is being developed to
provide up to two months of continuous delivery. NP202, for the
long-term treatment of schizophrenia and bipolar disorder, is being
developed to address the long-standing problem of patient
noncompliance by providing three months of continuous delivery of
risperidone, an atypical antipsychotic. NuPathe is actively seeking
partnerships to maximize the commercial potential for its product
candidates in the U.S. and territories throughout the world.
For more information about NuPathe, please visit our website and our
blog at www.nupathe.com. You can also follow us on StockTwits
(stocktwits.nupathe.com), Twitter (twitter.nupathe.com), SlideShare
(slideshare.nupathe.com) and LinkedIn (linkedin.nupathe.com).
Cautionary Note Regarding Forward-Looking Statements
release contains "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. All statements
that are not historical facts are hereby identified as
forward-looking statements for this purpose and include, among
others, statements relating to: the approval of Zecuity; pre-launch
activities for Zecuity; partnering plans for NuPathe's product
candidates; the potential benefits of, and commercial opportunity
for, NuPathe's product candidates; and other statements relating to
NuPathe's future operations, performance, financial condition,
beliefs, plans or objectives.
Forward-looking statements are based upon NuPathe's current
expectations, plans and beliefs and are subject to a number of risks,
uncertainties, assumptions and other factors that could cause actual
results and events to differ materially and adversely from those
indicated by such statements including, among others: NuPathe's
ability to obtain FDA approval of Zecuity; the extent to which the
FDA may request or require additional information, studies or
redesign of Zecuity and the costs and time required to complete such
activities; varying interpretation of study and market data; and the
other factors discussed in NuPathe's Annual Report on Form 10-K for
the year ended December 31, 2011, under the caption "Risk Factors"
and elsewhere in such report, which is available on NuPathe's website
at www.nupathe.com in the "Investor Relations -- SEC Filings"
section. While NuPathe may update certain forward-looking statements
and Risk Factors from time to time, NuPathe specifically disclaims
any obligation to do so, whether as a result of new information,
future developments or otherwise. You are cautioned not to place
undue reliance on any forward-looking statements.
Westwicke Partners, LLC
Keith A. Goldan
Vice President & Chief Financial Officer
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