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Heron Therapeutics Announces Pricing of Underwritten Public Offering of Common Stock

SAN DIEGO--(BUSINESS WIRE)--Jan. 19, 2017-- Heron Therapeutics, Inc. (NASDAQ: HRTX), a commercial-stage biotechnology company focused on developing novel best-in-class treatment solutions to address some of the biggest unmet patient needs, today announced the pricing of an underwritten public offering of $150 million of shares of its common stock, offered at a price of $12.20 per share. Heron Therapeutics, Inc. has granted the underwriters a 30-day option to purchase up to an additional $22.5 million of shares of common stock. The offering is expected to close on or about January 24, 2017, subject to customary closing conditions. BofA Merrill Lynch, Cowen and Company, LLC and Leerink Partners LLC are acting as joint book-running managers for the offering. Cantor Fitzgerald & Co. and JMP Securities LLC are acting as lead managers and Noble Capital Markets, LifeSci Capital, Aegis Capital Corp and Lake Street Capital Markets are acting as co-managers for the offering.

The gross offering size will be approximately $150 million before deducting customary underwriting discounts and commissions and offering expenses. Heron Therapeutics, Inc. intends to use the net proceeds from the underwritten offering primarily for general corporate purposes, which include, but are not limited to, the continued commercialization and marketing of SUSTOL®, the commercial launch of CINVANTI™, if approved by the U.S. Food and Drug Administration, funding the company’s ongoing and future clinical trials, including further Phase 2 studies and Phase 3 studies of HTX-011, preclinical development work, for general and administrative expenses, repayment of a portion of its outstanding debt, or other product development activities.

The securities described above are being offered pursuant to a shelf registration statement (File No. 333-212784), which became effective automatically on July 29, 2016. A final prospectus supplement relating to and describing the terms of the offering will be filed with the SEC. The securities described above have not been qualified under any state blue sky laws. This press release shall 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 other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction. The offering can be made only by means of a prospectus, copies of which may be obtained at the United States Securities and Exchange Commission’s website at www.sec.gov, or by request at BofA Merrill Lynch, NC1-004-03-43, 200 North College Street, 3rd Floor, Charlotte, NC 28255-0001, Attention: Prospectus Department or by email at dg.prospectus_requests@baml.com; Cowen and Company, LLC, c/o Broadridge Financial Services, Attention: Prospectus Department, 1155 Long Island Avenue, Edgewood, NY 11717, by telephone at (631) 274-2806 or by fax at (631) 254-7140; and Leerink Partners LLC, Attention: Syndicate Department, One Federal Street, 37th Floor, Boston, MA 02110, by telephone at (800) 808-7525 ext. 6142 or by email at syndicate@leerink.com.

Source: Heron Therapeutics, Inc.

Investor Relations Contact:
Heron Therapeutics, Inc.
David Szekeres, 858-251-4447
Senior Vice President, General Counsel & Corporate Secretary
dszekeres@herontx.com
and
Corporate Contact:
Heron Therapeutics, Inc.
David Szekeres, 858-251-4447
Senior Vice President, General Counsel & Corporate Secretary
dszekeres@herontx.com