SPHS Prices Offering At $4.00/share And Related Warrant

(RTTNews) - Sophiris Bio Inc. (SPHS) has priced an underwritten public offering of 6.5 million of its common shares and related warrants to purchase 4.87 million of its common shares at a combined price of $4.00 per share and related warrant.

The offering is scheduled to close on or about August 26, 2016, and gross proceeds from it are expected to be $26.0 million. At June 30, 2016, the company had cash and cash equivalents of $8.3 million and net working capital of $5.7 million.

The company's lead drug candidate is PRX302 (Topsalysin), which is designed to be a single treatment for the long-term relief of BPH (benign prostatic hyperplasia) symptoms, without causing sexual dysfunction or sacrificing quality of life.

Last November, Sophiris reported positive results from a phase III study of PRX302 - wherein a statistically significant improvement in BPH symptoms over a 12 month period was observed. The company believes that if the same is replicated in a second phase III trial, it may be sufficient for registration with the FDA.

The company reported successful results from a completed phase IIa study of PRX302 in localized prostate cancer in June of this year. According to the trial results, PRX302 demonstrated an ability to ablate tumor cells in 50 percent of patients six months after treatment in a patient population with pre-identified, clinically significant prostate cancer.

SPHS closed Tuesday's trading at $3.89, down 33.16%.