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AcelRx Pharmaceuticals (ACRX) Announces Closing of Public Offering and Exercise of Option to Purchase Additional Shares


7/24/2013 8:02:09 AM

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REDWOOD CITY, Calif., July 23, 2013 /PRNewswire/ -- AcelRx Pharmaceuticals, Inc. (Nasdaq: ACRX), today announced the closing of the public offering of 4,370,000 shares of common stock, including 570,000 shares of common stock which were issued pursuant to the exercise of the underwriters' option to purchase additional shares, at a price of $11.65 per share to the public. The total gross proceeds of this offering were approximately $50.9 million with estimated net proceeds to AcelRx of $47.9 million after deducting underwriting discounts and commissions and other estimated expenses payable by AcelRx.

Jefferies LLC and Piper Jaffray & Co. acted as joint book-running managers for the offering, and Guggenheim Securities acted as co-manager for the offering.

A shelf registration statement on Form S-3 relating to the public offering of the shares of common stock described above was filed with the Securities and Exchange Commission (the "SEC") and is effective. A final prospectus supplement relating to the offering was filed with the SEC and is available on the SEC's web site at www.sec.gov. Copies of the final prospectus supplement may be obtained from the offices of Jefferies LLC, Equity Syndicate Prospectus Department, at 520 Madison Avenue, New York, New York, 10022, or by calling (877) 547-6340, or by emailing Prospectus_Department@Jefferies.com, or from Piper Jaffray & Co., Attention: Prospectus Department, 800 Nicollet Mall, J12S03, Minneapolis, MN 55402 or by calling (800)747-3924, or by emailing prospectus@pjc.com.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities 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 AcelRx Pharmaceuticals, Inc.
AcelRx Pharmaceuticals, Inc. is a specialty pharmaceutical company focused on the development and commercialization of innovative therapies for the treatment of acute and breakthrough pain.

Forward-Looking Information is Subject to Risk and Uncertainty
Certain of the statements made in this press release are forward looking, such as those, among others, relating to AcelRx's expectations regarding the anticipated proceeds from the sale of shares in the offering. Actual results or developments may differ materially from those projected or implied in these forward-looking statements. AcelRx will need to raise additional capital to fund its operations and may be unable to raise capital when needed, which would force AcelRx to delay, reduce or eliminate its product development programs or commercialization efforts. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this press release. Additional risks and uncertainties relating to AcelRx and its business can be found under the heading "Risk Factors" in the Current Report on Form 8-K filed with the SEC on July 19, 2013. AcelRx expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based.

(Logo: http://photos.prnewswire.com/prnh/20130226/MM67303LOGO)

SOURCE AcelRx Pharmaceuticals, Inc.



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