SEATTLE, June 22, 2016 (GLOBE NEWSWIRE) -- Cascadian Therapeutics, Inc. (NASDAQ:CASC) today announced that it intends to offer and sell shares of its common stock in an underwritten public offering. As part of the offering, Cascadian Therapeutics also expects to grant the underwriters a 30-day option to purchase additional shares of its common stock to cover over-allotments, if any. The offering is being conducted by means of a prospectus supplement. The offering is subject to market conditions and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or term of the offering.
Additionally, concurrently with the common stock offering, Cascadian Therapeutics intends to sell shares of Series D convertible preferred stock having an aggregate value of up to $13.8 million directly to affiliates of BVF Partners L.P., which are existing stockholders and affiliates of a member of the board of directors of Cascadian Therapeutics.
Cowen and Company, LLC is acting as the sole book-running manager, and Trout Capital LLC is acting as a co-manager in the offering of common stock. Cowen and Company, LLC and Trout Capital LLC will also act as placement agents in connection with the sale of Series D convertible preferred stock.
The common stock offering is being made to purchasers pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission, or SEC. A preliminary prospectus supplement and accompanying prospectus describing the terms of the common stock offering will be filed with the SEC. When available, copies of the preliminary prospectus supplement and accompanying prospectus may be obtained by contacting Cowen and Company, LLC, c/o Broadridge Financial Services, 1155 Long Island Avenue, Edgewood, NY, 11717, Attn: Prospectus Department, or by calling (631) 274-2806. Electronic copies of the preliminary prospectus supplements and accompanying prospectuses will also be available on the website of the SEC at http://www.sec.gov.
This press release does not constitute an offer to sell or the solicitation of an offer to buy securities of Cascadian Therapeutics, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, the Company’s intention to conduct an offering and sale of securities. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements, including, among others, the ability to manage successfully and complete the offering, the general economic and/or market conditions and the factors set forth in the Company's filings with the SEC, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2015, the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2016 and the preliminary prospectus supplements related to the offerings. The Company undertakes no obligation to update the forward-looking statements contained herein or to reflect events or circumstances occurring after the date hereof, other than as may be required by applicable law.