Navigation Links
ContraVir Pharmaceuticals Closes $9.0 Million Financing to Advance Lead Shingles Candidate
Date:10/15/2014

EDISON, N.J., Oct. 15, 2014 /PRNewswire/ -- ContraVir Pharmaceuticals, Inc. (OTCBB: CTRV), a biopharmaceutical company focused on the development and commercialization of targeted antiviral therapies, announced today that it has closed a private placement of shares of Series A Convertible Preferred Stock to a non-U.S. investor with gross proceeds of $9.0 million.  The Preferred Stock is convertible at any time into shares of common stock at a conversion price of $0.48 per share.  The investor has agreed to lock-up the shares of Preferred Stock and the underlying common stock until April 14, 2016.

ContraVir intends to use the net proceeds of the transaction to fund the initiation of a Phase 2b clinical study for the Company's lead clinical asset, FV-100, a fast-acting, once-daily oral antiviral agent being developed for the treatment of herpes zoster, or shingles, which is an infection caused by the reactivation of varicella zoster virus. FV-100 also has the potential to further reduce the incidence, severity, and duration of shingles-associated pain and prevent post-herpetic neuralgia (PHN).

"This $9.0 million financing is the first step in a corporate and clinical strategy to accelerate the growth of ContraVir and seize upon the significant potential of FV-100," stated James Sapirstein, chief executive officer of ContraVir Pharmaceuticals. "Not only are we now capitalized to initiate the Phase 2b clinical trial of FV-100 in shingles, but we are also well positioned to target additional opportunities to add to our pipeline and build ContraVir as a multifaceted antiviral company."

The securities sold in this private placement have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the U.S. absent registration or an applicable exemption from registration requirements.

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 jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. For additional information, please refer to ContraVir's current report on Form 8-K to be filed with the Securities and Exchange Commission with respect to the private placement.

About ContraVir Pharmaceuticals

ContraVir is a biopharmaceutical company focused on the discovery and development of targeted antiviral therapies. ContraVir's lead candidate, FV-100, is an orally available nucleoside analogue prodrug that is being developed for the treatment of herpes zoster, or shingles, which is an infection caused by the reactivation of varicella zoster virus (VZV). Published preclinical studies demonstrate that FV-100 is significantly more potent against VZV than acyclovir, famcyclovir, and valacyclovir, the FDA approved drug for treating shingles. Moreover, FV-100 has been shown to have a more rapid onset of antiviral activity in preclinical models, and may fully inhibit the replication of VZV more rapidly than these drugs at significantly lower concentration levels and with a better dosing regimen. Phase 1 trials of FV-100 in volunteers were successfully completed, as well as a Phase 2a clinical trial in shingles patients. ContraVir plans to conduct a Phase 2b trial in patients with shingles to further explore FV-100's potential to treat the long-lasting nerve pain typically associated with shingles. ContraVir was formed in May 2013 by Synergy Pharmaceuticals, Inc. (NASDAQ: SGYP) and spun off as an independent public company in January 2014. For more information, please visit www.contravir.com.

Forward Looking Statements

Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as "anticipate," "believe," "forecast," "estimated" and "intend," among others. These forward-looking statements are based on ContraVir's current expectations and actual results could differ materially. There are a number of factors that could cause actual events to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, substantial competition; our ability to continue as a going concern; our need for additional financing; uncertainties of patent protection and litigation; uncertainties with respect to lengthy and expensive clinical trials, that results of earlier studies and trials may not be predictive of future trial results; uncertainties of government or third party payer reimbursement; limited sales and marketing efforts and dependence upon third parties; and risks related to failure to obtain FDA clearances or approvals and noncompliance with FDA regulations. As with any drug candidates under development, there are significant risks in the development, regulatory approval, and commercialization of new products. There are no guarantees that future clinical trials discussed in this press release will be completed or successful, or that any product will receive regulatory approval for any indication or prove to be commercially successful. ContraVir does not undertake an obligation to update or revise any forward-looking statement. Investors should read the risk factors set forth in ContraVir's Form 10-K for the fiscal year ended June 30, 2014, and other periodic reports filed with the Securities and Exchange Commission.

For further information, please contact:

Tiberend Strategic Advisors, Inc.

Joshua Drumm, Ph.D. (investors)
jdrumm@tiberend.com; (212) 375-2664

Claire Sojda (media)
csojda@tiberend.com; (212) 375-2686


'/>"/>
SOURCE ContraVir Pharmaceuticals, Inc.
Copyright©2014 PR Newswire.
All rights reserved

Related medicine technology :

1. ContraVir to Present at Two Upcoming Investor Conferences
2. Savient Pharmaceuticals to Hold First Quarter 2012 Financial Results Conference Call on Wednesday, May 9, 2012
3. Auxilium Pharmaceuticals to Present at the Deutsche Bank 37th Annual Healthcare Conference
4. Nouveau Life Pharmaceuticals (HRID) Contracts with U.S. Manufacturer to Produce New Female Supplement
5. BioElectronics Survey Indicates a Five-Fold Superior Pain Relief Compared to OTC Pharmaceuticals
6. Icahn Issues Statement Regarding Amylin Pharmaceuticals
7. Almost 50 Percent of the Glaucoma Patient Population Remains Untreated, Signifying a Vast Market for Glaucoma Pharmaceuticals, Finds Frost & Sullivan
8. Omthera Pharmaceuticals Announces Positive Top-Line Results from Phase 3 EVOLVE Study
9. Onyx Pharmaceuticals Announces FDA Advisory Committee to Review Carfilzomib for the Treatment of Patients with Relapsed and Refractory Multiple Myeloma
10. Jazz Pharmaceuticals Announces First Quarter 2012 Financial Results Conference Call On May 8, 2012
11. Inovio Pharmaceuticals Granted U.S. Patent Protection for Synthetic Vaccine for Cervical Dysplasia and Cancer
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/19/2020)... ... February 19, 2020 , ... ... for research data management, has released a new SnapGene integration. ... features. With a ‘Quick View’ of supported DNA files, the molecular biology ...
(Date:2/19/2020)... ... 19, 2020 , ... Global Healthcare Exchange, LLC ... of its annual GHX “Best 50” supply chains in North America. ... ability to demonstrate improved operational performance and drive down costs through supply chain ...
(Date:2/16/2020)... ... February 16, 2020 , ... In Partnership with the Smiles ... at its Kennewick, WA office. , A limited number of appointments are available, but ... For more information or to schedule an appointment, please call (509)-820-4302. , Who: Bright ...
Breaking Medicine Technology:
(Date:2/21/2020)... ... 2020 , ... Representatives with Bay-Bay Water today announced that the company has launched ... company logo as part of the ongoing evolution of our company’s brand,” said Osmay Gonzalez, ... company is expanding its national reach. , “We have refreshed our logo to reflect who ...
(Date:2/20/2020)... (PRWEB) , ... February 20, 2020 , ... R3 Medical ... Las Vegas Nevada. Providers will learn how to perform injections for all large and ... not easy to learn from online videos. The best opportunity is to perform injections ...
(Date:2/19/2020)... ... February 19, 2020 , ... Drs. Richard Amato, Michael Kang, ... Connecticut, celebrate 30 years of serving Monroe, CT with a “Throwback Special” where ... charged in 1989, only thirty dollars. To further serve their patients, they published ...
(Date:2/19/2020)... Mass. (PRWEB) , ... February 19, 2020 , ... ... the quality and consistency of healthcare delivery, announced that it will participate in ... 2020, in Orlando, Florida. BPM+ Health will engage healthcare professionals and other stakeholders ...
(Date:2/16/2020)... ... February 16, 2020 , ... Canadian digital healthcare portal Ask The Doctor ... are concerned about the Coronavirus. , "It is our duty and it is our ... deadly virus" said Prakash Chand, CEO of Ask The Doctor. , Doctors and nurses ...
Breaking Medicine News(10 mins):