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Sophiris Bio Inc. (SHS.TO) Enters Into Common Stock Purchase Agreement With Aspire Capital To Support Proof Of Concept Study Of PRX302 In Prostate Cancer


5/19/2014 10:08:05 AM

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SAN DIEGO & VANCOUVER, British Columbia--(BUSINESS WIRE)--Sophiris Bio Inc. (NASDAQ: SPHS) (the “Company” or “Sophiris”), a biopharmaceutical company developing treatments for urologic diseases, today announced it has entered into a common stock purchase agreement with Aspire Capital Fund, LLC, an Illinois limited liability company (“Aspire Capital”). The Company intends to use the initial proceeds to support a proof of concept study of PRX302 as a treatment for localized prostate cancer. Aspire Capital has completed an initial purchase of 604,320 common shares at $3.31 per share for proceeds of $2 million and has committed to purchase up to $13 million in additional shares over the next 30 months at prices based on market price at the time of each sale, subject to a Sophiris registration statement being declared effective by the Securities and Exchange Commission (“SEC”).

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