Entasis Therapeutics Completes Initial Closing of $35M Private Placement with Innoviva
Entasis plans to use the proceeds from the offering to support the continued development of its novel pipeline of pathogen-targeted antibacterial product candidates, which includes sulbactam-durlobactam (SUL-DUR) for carbapenem-resistant Acinetobacter baumannii infections, and zoliflodacin for uncomplicated gonorrhea, including infections caused by drug-resistant strains of Neisseria gonorrhoeae. Both of these product candidates are currently being evaluated in Phase 3 clinical trials.
"The threat from pathogens, including the global rise of multidrug-resistant bacteria, is real,” said
“We are excited to form this new relationship with Innoviva,” stated
Pursuant to and subject to the terms and conditions of the securities purchase agreement and related agreements,
Subject to the satisfaction of certain closing conditions, including, with respect to the second closing, the approval of Entasis’ stockholders, the transactions contemplated by the securities purchase agreement are expected to close during the second quarter of 2020. The transaction was approved by the Boards of Directors of both companies and the shareholders of Entasis will receive a proxy statement seeking their approval of the second closing in the coming weeks.
Entasis is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of novel antibacterial products to treat serious infections caused by multidrug-resistant Gram-negative bacteria. Entasis’ pathogen-targeted design platform has produced a pipeline of product candidates, including sulbactam-durlobactam (targeting Acinetobacter baumannii infections), zoliflodacin (targeting Neisseria gonorrhoeae infections), ETX0282CPDP (targeting Enterobacteriaceae infections) and ETX0462 (targeting Pseudomonas infections). For more information, visit www.entasistx.com.
Entasis Forward-looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “expect,” “plan,” “anticipate,” “estimate,” “intend” and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. These forward-looking statements are based on Entasis’ expectations and assumptions as of the date of this press release. Each of these forward-looking statements involves risks and uncertainties. Actual results may differ materially from these forward-looking statements. Many factors may cause differences between current expectations and actual results, including whether the conditions for the closing of the second tranche of the transaction with
Additional Information and Where to Find It
This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering would be unlawful. This press release may be deemed solicitation material in respect of the proposed transactions between the Company and
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The Company, its directors, executive officers and certain other members of management and employees of the Company may be deemed to be participants in the solicitation of proxies from the Company's stockholders with respect to the proposed transactions. Information about such persons who may, under the rules of the
Source: Entasis Therapeutics Holdings Inc.