Karyopharm Therapeutics Announces Closing of Additional $22.5 Million of 3.00% Convertible Senior Notes Due 2025 Pursuant to Exercise in Full of Initial Purchasers’ Option
NEWTON, Mass., Oct. 29, 2018 (GLOBE NEWSWIRE) -- Karyopharm Therapeutics Inc. (Nasdaq:KPTI), a clinical-stage pharmaceutical company, today announced that it has issued an additional $22.5 million aggregate principal amount of its 3.00% convertible senior notes due 2025 (the “notes”) pursuant to the exercise in full of the option to purchase additional notes granted to the initial purchasers in Karyopharm’s previously announced private offering of $150 million aggregate principal amount of notes to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The additional notes were sold on the same terms in all respects as the notes previously issued on October 16, 2018, and the terms of the additional notes are identical to those previously issued. The closing of the sale of the additional notes occurred on October 26, 2018. Following such closing, Karyopharm has issued a total of $172.5 million aggregate principal amount of notes.
The notes were offered and sold to qualified institutional buyers pursuant to Rule 144A under the Securities Act. The offer and sale of the notes and the shares of common stock issuable upon conversion of the notes, if any, have not been and will not be registered under the Securities Act or the securities laws of any other jurisdiction, and the notes and any such shares may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements. Any offer of the notes was made only by means of a private offering memorandum.
This press release does not constitute an offer to sell or the solicitation of an offer to buy the notes or any other securities, nor shall there be any offer, solicitation or sale of the notes or any other securities (including the shares of Karyopharm’s common stock issuable upon conversion of the notes, if any) in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful.
About Karyopharm Therapeutics
Karyopharm Therapeutics Inc. (Nasdaq:KPTI) is a clinical-stage pharmaceutical company focused on the discovery and development of novel first-in-class drugs directed against nuclear transport and related targets for the treatment of cancer and other major diseases. Karyopharm's SINE compounds function by binding with and inhibiting the nuclear export protein XPO1 (or CRM1). In addition to single-agent and combination activity against a variety of human cancers, SINE compounds have also shown biological activity in models of neurodegeneration, inflammation, autoimmune disease, certain viruses and wound-healing. Karyopharm, which was founded by Dr. Sharon Shacham, currently has several investigational programs in clinical or preclinical development.
This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Such statements are subject to numerous important factors, risks and uncertainties, many of which are beyond Karyopharm’s control, that may cause actual events or results to differ materially from Karyopharm's current expectations due to risks and uncertainties inherent in Karyopharm’s business, including, without limitation, risks and uncertainties associated with market conditions. The failure to meet expectations with respect to any of the foregoing matters may reduce Karyopharm's stock price. These and other risks are described under the caption “Risk Factors” in Karyopharm's Quarterly Report on Form 10-Q for the quarter ended June 30, 2018, which was filed with the SEC on August 7, 2018, and in other filings that Karyopharm may make with the SEC in the future. Any forward-looking statements contained in this press release speak only as of the date hereof, and, except as required by law, Karyopharm expressly disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
Karyopharm Therapeutics Inc.
Vice President, Investor and Public Relations
857-297-2241 | email@example.com
Source: Karyopharm Therapeutics Inc.