SAN FRANCISCO--(BUSINESS WIRE)--Jaguar Animal Health, Inc. (NASDAQ: JAGX) (“Jaguar”), an animal health
company focused on developing and commercializing first-in-class
gastrointestinal products for companion and production animals, foals,
and high value horses, announced today that it has entered into a
definitive agreement to sell securities to certain institutional
investors in a private placement for aggregate gross proceeds of
approximately $1.0 million before deducting offering expenses payable by
Jaguar. The closing is expected to occur on or about November 29, 2016
and is subject to satisfaction of customary closing conditions.
Under the terms of the offering, Jaguar will sell an aggregate of
1,666,668 shares (the “Shares”) of its common stock, par value $0.0001
(the “Common Stock”), at a price of $0.60 per share. The purchasers will
also receive (i) warrants to purchase up to an aggregate of 1,666,668
shares of Common Stock at an exercise price of $0.75 per share (the
“Series A Warrants”), (ii) warrants to purchase up to an aggregate of
1,666,668 shares of Common Stock at an exercise price of $0.90 per share
(the “Series B Warrants”), and (iii) warrants to purchase up to an
aggregate of 1,666,668 shares of Common Stock at an exercise price of
$1.00 per share (the “Series C Warrants” and collectively with the
Series A Warrants and the Series B Warrants, the “Warrants”). The
Warrants are not exercisable until 6 months after the date of the
closing. From that initial exercisable date, the Series A Warrants will
have a term of 5 years, the Series B Warrants will have a term of 6
months, and the Series C Warrants will have a term of 1 year. The
potential gross proceeds from the Warrants, if fully exercised on a cash
basis, will be approximately $4.4 million.
The Company intends to use the proceeds from the private placement for
working capital and general corporate purposes.
Rodman & Renshaw, a unit of H.C. Wainwright & Co., LLC, acted as the
exclusive placement agent for the offering.
This announcement is neither an offer to sell nor a solicitation
of an offer to buy any securities of Jaguar. The securities offered and
sold in the private placement have not been registered under the
Securities Act of 1933, as amended (the “Securities Act”), or any state
securities laws, and may not be offered or sold in the United States
absent registration, or an applicable exemption from registration under
the Securities Act and applicable state securities laws. Jaguar has
agreed to file one or more registration statements with the SEC
registering the resale by the purchasers of the Shares and the shares
issuable upon exercise of the Warrants.
About Jaguar Animal Health, Inc.
Jaguar Animal Health, Inc. is an animal health company focused on
developing and commercializing first-in-class gastrointestinal products
for companion and production animals, foals, and high value horses.
Canalevia™ is Jaguar’s lead prescription drug product
candidate, intended for the treatment of various forms of diarrhea in
dogs. Equilevia™ (formerly referred to as SB-300) is Jaguar’s
prescription drug product candidate for the treatment of
gastrointestinal ulcers in horses. Canalevia™ and Equilevia™
contain ingredients isolated and purified from the Croton lechleri
tree, which is sustainably harvested. Neonorm™ Calf and
Neonorm™ Foal are the Company’s lead non-prescription
products. Neonorm™ is a standardized botanical extract
derived from the Croton lechleri tree. Canalevia™ and
Neonorm™ are distinct products that act at the same last step
in a physiological pathway generally present in mammals. Jaguar has nine
active investigational new animal drug applications, or INADs, filed
with the FDA and intends to develop species-specific formulations of
Neonorm™ in six additional target species, formulations of
Equilevia™ in horses, and Canalevia™ for cats and
For more information, please visit www.jaguaranimalhealth.com.
Certain statements in this press release constitute “forward-looking
statements” within the meaning of section 27A of the Securities Act of
1933 and section 21E of the Securities Exchange Act of 1934. These
include statements regarding the private placement, the expected gross
proceeds and the expected closing of the offering. In some cases, you
can identify forward-looking statements by terms such as “may,” “will,”
“should,” “expect,” “plan,” “aim,” “anticipate,” “could,” “intend,”
“target,” “project,” “contemplate,” “believe,” “estimate,” “predict,”
“potential” or “continue” or the negative of these terms or other
similar expressions. The forward-looking statements in this release are
only predictions. Jaguar has based these forward-looking statements
largely on its current expectations and projections about future events.
These forward-looking statements speak only as of the date of this
release and are subject to a number of risks, uncertainties and
assumptions, some of which cannot be predicted or quantified and some of
which are beyond Jaguar’s control. Except as required by applicable law,
Jaguar does not plan to publicly update or revise any forward-looking
statements contained herein, whether as a result of any new information,
future events, changed circumstances or otherwise.