NEW YORK, Jan. 8, 2015 (GLOBE NEWSWIRE) -- Stemline Therapeutics, Inc. (Stemline) (Nasdaq:STML), a clinical-stage biopharmaceutical company developing oncology therapeutics targeting cancer stem cells (CSCs) and tumor bulk, today announced the pricing of its previously announced underwritten public offering of 3,800,000 shares of its common stock at a public offering price of $15.75 per share. Stemline has also granted the underwriters a 30-day option to purchase up to an additional 570,000 shares of common stock from Stemline. The gross proceeds to Stemline from the public offering are expected to be $59.85 million, before deducting estimated underwriting discounts and commissions and other estimated offering expenses. The offering is expected to close on January 13, 2015, subject to customary closing conditions. Stemline intends to use the net proceeds from the public offering to fund the clinical development of SL-401, SL-701, the development of its preclinical pipeline, and other general corporate purposes.
Jefferies LLC and Cowen and Company, LLC are acting as joint book-running managers for the offering. Aegis Capital Corp is acting as co-lead manager for the offering. Roth Capital Partners, Ladenburg Thalmann and H.C. Wainwright & Co. are acting as co-managers for the offering.
The securities described above are being offered by Stemline pursuant to a "shelf" registration statement on Form S-3 (File No. 333-193726) that was declared effective by the Securities and Exchange Commission (SEC) on February 12, 2014. A final prospectus supplement and an accompanying prospectus relating to the offering will be filed with the SEC. Electronic copies of the final prospectus supplement and the accompanying prospectus relating to this offering may be obtained, when available, by contacting Jefferies LLC, 520 Madison Avenue, 2nd Floor, New York, NY, 10022, Attention: Equity Syndicate Prospectus Department, or by telephone at 877-547-6340, or by email at prospectus_department@jefferies.com or Cowen and Company, LLC, c/o Broadridge Financial Services, 1155 Long Island Avenue, Edgewood, NY, 11717, Attention: Prospectus Department, or by telephone at 631-274-2806, or by faxing 631-254-7140. Investors may also obtain these documents for no charge by visiting the SEC's website at www.sec.gov.
Before investing in the offering, you should read in their entirety the prospectus supplement and the accompanying prospectus and the other documents that Stemline has filed with the SEC that are incorporated by reference in the prospectus supplement and the accompanying prospectus, which provide more information about Stemline and the offering.
This press release shall not constitute an offer to sell, or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Stemline Therapeutics
Stemline Therapeutics, Inc. is a clinical stage biopharmaceutical company developing novel therapeutics that target both cancer stem cells (CSCs) and tumor bulk. Stemline is currently developing two clinical stage product candidates, SL-401 and SL-701. SL-401 is a targeted therapy directed to the interleukin-3 receptor (IL-3R) present on CSCs and tumor bulk of a wide range of hematologic cancers. A multicenter clinical trial with SL-401 is currently open and actively accruing patients with blastic plasmacytoid dendritic cell neoplasm (BPDCN) and relapsed/refractory acute myeloid leukemia (AML). Additional clinical trials with SL-401 are currently open in patients with AML who are in first complete remission (CR) with minimal residual disease (MRD), and in patients with four types of advanced high-risk myeloproliferative neoplasms (MPN), including systemic mastocytosis, advanced symptomatic hypereosinophilic disorder, myelofibrosis, and chronic myelomonocytic leukemia. Previously, SL-401 demonstrated single-agent activity, including multiple durable CRs, in a Phase 1/2 trial in several indications including BPDCN and relapsed/refractory AML. SL-701 is an enhanced immunotherapy designed to activate the immune system to attack tumors. A multicenter clinical trial with SL-701 is currently open and accruing adult patients with glioblastoma multiforme (GBM) in first recurrence. Previously, an earlier version of the therapy demonstrated clinical activity, including durable CRs and partial responses (PRs), in Phase 1/2 trials in adults and children with advanced brain cancers. For more information about Stemline Therapeutics, visit www.stemline.com.
Forward-Looking Statements
Some of the statements included in this press release may be forward-looking statements that involve a number of risks and uncertainties. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The factors that could cause our actual results to differ materially include: statements regarding the proposed public offering and the intended use of proceeds from the proposed offering; the success and timing of our preclinical studies and clinical trials, including site initiation, internal review board approval, scientific review committee approval, and patient accrual; our plans to develop and commercialize our product candidates; our available cash; our ability to obtain and maintain intellectual property protection for our product candidates; the ability of our product candidates to successfully perform in clinical trials; our ability to manufacture; the performance of third-party manufacturers, clinical research organizations, clinical trial sponsors and clinical trial investigators; and other risk factors identified from time to time in our reports filed with the Securities and Exchange Commission. Any forward-looking statements set forth in this press release speak only as of the date of this press release. We do not intend to update any of these forward-looking statements to reflect events or circumstances that occur after the date hereof.
CONTACT: Investor Relations
Stemline Therapeutics, Inc.
750 Lexington Avenue
Eleventh Floor
New York, NY 10022
Tel: 646-502-2307
Email: investorrelations@stemline.com
