AEterna Zentaris Inc. (USA) (NASDAQ:AEZS) announced that it has entered into a new At Market Issuance Sales Agreement, dated April 27, 2017, with H.C. Wainwright & Co., LLC and that it has filed with the Securities and Exchange Commission (SEC) a prospectus supplement related to sales and distributions of up to a maximum of 2,240,000 Common Shares through “at-the-market” (ATM) issuances on the NASDAQ Stock Market, up to an aggregate amount of $6,944,000 under the New ATM Sales Agreement. Wainwright will act as sales agent for any sales made under the new ATM program. The Common Shares will be sold at market prices prevailing at the time of the sale of the Common Shares, and, as a result, prices may vary.
The New Sales Agreement and the Prospectus Supplement supersede and replace the Company’s prior At Market Issuance Sales Agreement entered into in April 2016 as well as its recently filed prospectus supplement dated March 28, 2017. Since April 1, 2016, the Company has issued approximately 2.3 million Common Shares and raised gross proceeds of approximately $7.8 million under its previous Sales Agreement with Wainwright, of which approximately 600,000 Common Shares raising gross proceeds of approximately $1.8 million were issued and sold under the March 28, 2017 prospectus supplement.
Shares of Aeterna Zentaris are down nearly 2% to $3.00 in pre-market trading Friday. AEZS has a 1-year high of $5.59 and a 1-year low of $2.35. The stock’s 50-day moving average is $2.96 and its 200-day moving average is $3.29.
Æterna Zentaris, Inc. operates as a specialty biopharmaceutical company that is engaged in developing and commercializing novel treatments in oncology, endocrinology and women’s health. The company’s pipeline encompasses compounds at all stages of development, from drug discovery through to marketed products. It focuses on the development of Perifosine, Cetrotide, Ozarelix, AEZS-108 and AEZS-130.