STANS, Switzerland,
Feb. 2, 2021 /PRNewswire/ -- NLS
Pharmaceutics Ltd. (Nasdaq: NLSP, NLSPW) ("NLS" or the "Company"),
a Swiss clinical-stage pharmaceutical company focused on the
discovery and development of innovative therapies for patients with
rare and complex central nervous system disorders, announces the
closing of its initial public offering of 4,819,277 units at a
price of $4.15 per unit. Each unit
consisted of one common share and one warrant to purchase one
common share (the "Warrants"). The common shares and Warrants were
immediately separable from the units and were issued separately.
The common shares and Warrants began trading on the Nasdaq Capital
Market on January 29, 2021 under the
symbols "NLSP" and "NLSPW," respectively. NLS received gross
proceeds of approximately $20.0
million, before deducting underwriting discounts and
commissions and other estimated offering expenses. The Warrants are
exercisable immediately, expire five years from the date of
issuance and have an exercise price of $4.15 per share. In addition, NLS granted the
underwriters a 45-day option to purchase up to an additional
722,891 common shares and/or Warrants to purchase 722,891
common shares, of which Maxim exercised its option to
purchase warrants to purchase up to 722,891 shares of common
stock.
Maxim Group LLC acted as book-running manager and Brookline
Capital Markets, a division of Arcadia Securities, LLC acted as
co-manager for the offering.
The offering was conducted pursuant to the Company's
registration statement on Form F-1 (File No. 333-236797) previously
filed with and subsequently declared effective on January 28, 2021 by the Securities and Exchange
Commission ("SEC"). A prospectus relating to the offering was
filed with the SEC and is available on the SEC's website at
http://www.sec.gov. Electronic copies of the prospectus
relating to this offering may be obtained from Maxim Group LLC, 405
Lexington Avenue, 2nd Floor, New York,
NY 10174, at (212) 895-3745.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of,
any security 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.
About NLS Pharmaceutics Ltd.
NLS Pharmaceutics Ltd. is a Swiss-based clinical-stage
pharmaceutical company led by an experienced management team with a
track record of developing and repurposing product candidates to
treat rare and complex central nervous system disorders. The
Company's lead product candidate, Quilience® is a proprietary
controlled release formulation of mazindol (mazindol CR), and is
being developed for the treatment of narcolepsy. Mazindol is a
triple monoamine reuptake inhibitor and partial orexin receptor 2
agonist, which was used for many years to treat patients diagnosed
with narcolepsy in compassionate use programs. NLS completed a
phase 2 study in the U.S. evaluating mazindol CR in adult subjects
with ADHD. The study met all primary and secondary endpoints and
was well-tolerated. Quilience® has received Orphan Drug
Designations both in the U.S. and in Europe for the treatment of narcolepsy.
Safe Harbor Statement
This press release contains express or implied forward-looking
statements pursuant to U.S. Federal securities laws. For example,
NLS is using forward-looking statements when it discusses the
expected gross proceeds from the offering, timing of the closing of
the offering and the expected time for the beginning of trading in
its common shares and Warrants on the Nasdaq Capital Market. These
forward-looking statements and their implications are based on the
current expectations of the management of NLS only, and are subject
to a number of factors and uncertainties that could cause actual
results to differ materially from those described in the
forward-looking statements. The following factors, among others,
could cause actual results to differ materially from those
described in the forward-looking statements: changes in technology
and market requirements; NLS may encounter delays or obstacles in
launching and/or successfully completing its clinical trials; NLS's
products may not be approved by regulatory agencies, NLS's
technology may not be validated as it progresses further and its
methods may not be accepted by the scientific community; NLS may be
unable to retain or attract key employees whose knowledge is
essential to the development of its products; unforeseen scientific
difficulties may develop with NLS's process; NLS's products may
wind up being more expensive than it anticipates; results in the
laboratory may not translate to equally good results in real
clinical settings; results of preclinical studies may not correlate
with the results of human clinical trials; NLS's patents may not be
sufficient; NLS's products may harm recipients; changes in
legislation may adversely impact NLS; inability to timely develop
and introduce new technologies, products and applications; loss of
market share and pressure on pricing resulting from competition,
which could cause the actual results or performance of NLS to
differ materially from those contemplated in such forward-looking
statements. Except as otherwise required by law, NLS undertakes no
obligation to publicly release any revisions to these
forward-looking statements to reflect events or circumstances after
the date hereof or to reflect the occurrence of unanticipated
events. More detailed information about the risks and uncertainties
affecting NLS is contained under the heading "Risk Factors" in NLS'
Registration Statement on Form F-1 filed with the SEC, which is
available on the SEC's website, www.sec.gov.
Corporate and Investor Relations contact
Alex Zwyer, CEO: +41 41 618 80 00
www.nlspharma.com
View original
content:http://www.prnewswire.com/news-releases/nls-pharmaceutics-ltd-announces-closing-of-20-0-million-initial-public-offering-301220455.html
SOURCE NLS Pharmaceutics Ltd.