Ventrus Biosciences Announces Full Exercise of Overallotment Option by
NEW YORK, Feb. 7, 2013 (GLOBE NEWSWIRE) -- Ventrus Biosciences, Inc.
(Nasdaq:VTUS) today announced that the underwriter of its previously announced
public offering of common stock has exercised in full its overallotment option
to purchase an additional 870,000 shares of common stock at the public
offering price of $2.50 per share, less underwriting discounts and commissions
and offering expenses. The closing of the overallotment option exercise
occurred today, February 7, 2013, and resulted in gross proceeds to the
Company of $2,175,000. Exercise of the over-allotment option increases the
gross proceeds to the Company, before any underwriting discounts and
commissions and estimated offering expenses, from $20.0 million to
approximately $22.2 million.
William Blair & Company, L.L.C. served as the sole book-running manager of the
The offering is being made pursuant to an effective shelf registration
statement previously filed with the U.S. Securities and Exchange Commission.
This press release does not constitute an offer to sell or a solicitation of
an offer to buy 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 any such
state or jurisdiction. Any offer, if at all, will be made only by means of a
prospectus supplement and accompanying prospectus forming a part of the
effective registration statement, copies of which may be obtained, when
available, from William Blair & Company, L.L.C., Attention: Prospectus
Department, 222 West Adams Street, Chicago, IL 60606, by telephone at (800)
621-0687, or by e-mail at firstname.lastname@example.org.
About Ventrus Biosciences
Ventrus is a development stage pharmaceutical company focused on the
development of late-stage prescription drugs for gastrointestinal problems,
specifically anal disorders. Our lead product is topical diltiazem (VEN 307)
for the treatment of anal fissures, for which the first Phase 3 trial was
initiated in November 2010, and reported positive top line results in May
2012. The second Phase 3 trial began enrollment in the fourth quarter of 2012
and is ongoing. Our product candidate portfolio also includes topical
phenylephrine (VEN 308) intended to treat fecal incontinence. VEN 307 and VEN
308 are two molecules that were previously approved and marketed for other
indications and that have been formulated into our in-licensed proprietary
topical treatments for these new gastrointestinal indications.
Please Note: The information provided herein contains estimates and other
forward-looking statements regarding future events. Such statements are just
predictions and are subject to risks and uncertainties that could cause the
actual events or results to differ materially. These risks and uncertainties
include, among others: the estimated proceeds from the offerings and our use
of the anticipated proceeds from the offerings; the components, timing, cost
and results of clinical trials and other development activities involving our
product candidates; the unpredictability of the clinical development of our
product candidates and of the duration and results of regulatory review of
those candidates by the FDA and foreign regulatory authorities; the
unpredictability of the size of the markets for, and market acceptance of, any
of our products; our anticipated capital expenditures, our estimates regarding
our capital requirements, and our need for future capital; our reliance on our
lead product candidate, VEN 307; our ability to retain and hire necessary
employees and to staff our operations appropriately; and the possible
impairment of, or inability to obtain, intellectual property rights and the
costs of obtaining such rights from third parties. The reader is referred to
the documents that we file from time to time with the Securities and Exchange
CONTACT: Ventrus Biosciences, Inc.
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