KemPharm (NASDAQ: KMPH)
, a specialty pharmaceutical company focused on the discovery and development of proprietary prodrugs, has announced its entry into agreements with certain of its holders of its existing warrants exercisable for 6,117,509 shares of its common stock, in the aggregate. According to the update, such holders have agreed to exercise their warrants for cash in exchange for the company’s agreement to issue in a private placement new warrants to purchase up to 1,529,379 shares of its common stock. The new warrants are exercisable immediately and have substantially the same terms as the existing warrants, except for the new warrants’ exercise price of $16.50 per share and expiration date of Dec. 31, 2026. Aggregate gross proceeds of approximately $39.1 million are expected from the exercise of the existing warrants and the issuance of the new warrants. Roth Capital Partners acted as financial advisor for the offering.
For more information, visit www.KemPharm.com
About KemPharm Inc.
KemPharm is a specialty pharmaceutical company focused on the discovery and development of proprietary prodrugs to treat serious medical conditions through its proprietary LAT(R) (Ligand Activated Therapy) technology. KemPharm utilizes its proprietary LAT(R) technology to generate improved prodrug versions of FDA-approved drugs as well as to generate prodrug versions of existing compounds that may have applications for new disease indications. KemPharm’s prodrug product candidate pipeline is focused on the high need areas of attention deficit hyperactivity disorder, (“ADHD”), stimulant use disorder (“SUD”) and CNS rare diseases, including idiopathic hypersomnia (“IH”). KemPharm’s lead clinical development candidate for the treatment of SUD, KP879, is based on its prodrug of d-methylphenidate, known as serdexmethylphenidate (“SDX”). In addition, KemPharm has received FDA approval for AZSTARYS(TM), a new once-daily treatment for ADHD in patents age six years and older, and for APADAZ(R), an immediate-release combination product containing benzhydrocodone, a prodrug of hydrocodone and acetaminophen. For more information, visit the company’s website at www.KemPharm.com
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