The subscription rights will be exercisable for an aggregate of up to 3,333,333 shares of Common Stock, with participation to be allocated among holders of Common Stock, Series A Preferred and Series B Preferred on a pro rata basis (assuming full conversion of the Series A Preferred and Series B Preferred into shares of Common Stock), subject to the aggregate offering threshold and ownership limitations. The subscription rights may be exercised only during the anticipated subscription period of
The Rights Offering will be made pursuant to Spero’s effective shelf registration statement on file with the Securities and Exchange Commission (“SEC”) and only by means of a prospectus supplement and accompanying prospectus. Spero expects to mail subscription certificates evidencing the subscription rights and a copy of the prospectus supplement and accompanying prospectus for the Rights Offering shortly following the Record Date.
This press release is not intended to and does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for any securities in any jurisdiction, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
BVF, which currently owns approximately 5% of Spero's outstanding Common Stock (and approximately 17% on an as-converted basis), will backstop the Rights Offering and has agreed to purchase up to $30.0 million of Series C Preferred at a price of
Spero’s lead product candidate, Tebipenem HBr (tebipenem pivoxil hydrobromide; formerly SPR994), is designed to be the first oral carbapenem-class antibiotic for use in adults to treat MDR Gram-negative infections.
Spero is also advancing SPR720, its novel oral therapy product candidate designed for the treatment of rare, orphan disease caused by pulmonary non-tuberculous mycobacterial (NTM) infections.
Spero also has a platform technology known as its Potentiator Platform that it believes will enable it to develop drugs that will expand the spectrum and potency of existing antibiotics, including formerly inactive antibiotics, against Gram-negative bacteria. Spero’s potentiator product candidate, SPR206, is designed to treat MDR Gram-negative infections in the hospital setting.
For more information, visit https://sperotherapeutics.com.
Forward Looking Statement
Investors are cautioned that statements in this press release regarding the intention, completion and timing relating to the proposed rights offering, the intended use of proceeds from the rights offering and Spero’s future development plans for its product candidates and the timing and costs thereof constitute forward-looking statements that involve risks and uncertainties, including, without limitation, risks and uncertainties related to market conditions and the satisfaction of customary closing conditions related to the proposed rights offering and the uncertainties inherent in the research and clinical development process. There can be no assurance that Spero will be able to complete the proposed public offering. Additional information on risks facing Spero can be found under the heading “Risk Factors” in Spero’s periodic reports, including its annual report on Form 10-K and quarterly reports on Form 10-Q, and in the preliminary prospectus relating to the proposed offering to be filed with the
Spero Investor and Media Contact:
Senior Director, Investor Relations
Source: Spero Therapeutics, Inc.