Trius Therapeutics Secures $25 Million Equity Financing Facility
Source: Trius Therapeutics, Inc.
SAN DIEGO, CA., August 31, 2012 (GLOBE NEWSWIRE) – Trius Therapeutics, Inc. (Nasdaq:TSRX) announced today that it has obtained a committed equity financing facility under which it may from time to time sell up to $25 million of its registered common stock to Terrapin Opportunity, L.P., over a 24-month period. Trius is not obligated to utilize any of the $25 million facility and remains free to enter into and consummate other equity and debt financing transactions, subject to certain restrictions.
“This facility, combined with Trius’ nearly $84 million in cash and investments at June 30, 2012, provides Trius with additional financing options as the Company prepares for the commercialization of tedizolid phosphate,” said John Schmid, Chief Financial Officer of Trius.
Trius will determine, at its sole discretion, the timing, the dollar amount and the floor price per share of any draw under the facility, subject to certain conditions. Any shares sold under this facility will be sold pursuant to a shelf registration statement declared effective by the Securities and Exchange Commission on September 15, 2011. There are no warrants associated with this facility.
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 these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state.
About Trius Therapeutics
Trius Therapeutics, Inc. is a biopharmaceutical company focused on the discovery, development and commercialization of innovative antibiotics for life-threatening infections. The Company’s lead investigational drug, tedizolid phosphate, is a once daily, IV and orally administered second generation oxazolidinone in Phase 3 clinical development for the treatment of acute bacterial skin and skin structure infections, or ABSSSI. Trius has two Special Protocol Assessments with the FDA for its two Phase 3 ABSSSI trials and has partnered with Bayer HealthCare for the development and commercialization of tedizolid phosphate outside of the U.S., Canada and the European Union. In addition to the Company’s tedizolid phosphate clinical program, Trius has initiated IND-enabling studies for its Gyrase-B development candidate with potent activity against Gramnegative bacterial pathogens including multi-drug resistant strains of E. coli, Klebsiella, Acinetobacter and Pseudomonas. The Gyrase-B program is one of the two preclinical programs supported by federal contracts. For more information, visit www.triusrx.com.
Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Because such statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Such statements include, but are not limited to, statements regarding Trius’ ability to meet its future financing needs and successfully complete its ongoing clinical trials and development programs and transition into commercialization. Risks that contribute to the uncertain nature of the forward-looking statements include: the accuracy of Trius’ estimates regarding expenses, future revenues and capital requirements; the success and timing of Trius’ preclinical studies and clinical trials; regulatory developments in the United States and foreign countries; changes in Trius’ plans to develop and commercialize its product candidates; Trius’ ability to obtain additional financing; Trius’ ability to obtain and maintain intellectual property protection for its product candidates; and the loss of key scientific or management personnel. These and other risks and uncertainties are described more fully in Trius’ most recently filed SEC documents, including its Form 10-K, Forms 10-Q and other documents filed with the United States Securities and Exchange Commission, including those factors discussed under the caption “Risk Factors” in such filings. All forward-looking statements contained in this press release speak only as of the date on which they were made. Trius undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.
Public Relations Contact:
Laura Kempke/Andrew Law
Investor Relations Contact:
Westwicke Partners, LLC