SAN DIEGO and VANCOUVER, British Columbia, May 6, 2016 /PRNewswire/ -- Sophiris Bio Inc. (NASDAQ: SPHS) (the "Company" or "Sophiris"), a
biopharmaceutical company developing topsalysin (PRX302) for the treatment of urological diseases, today announced that it is
raising approximately $5 million at a price of $1.40 per share.
Additionally, for each share of common stock purchased, the investor will receive a warrant to purchase one-half of a share of
common stock of the Company at a price of $1.40 per full share for a period of five years from
closing.
Roth Capital Partners served as sole placement agent. After the placement agent fees and estimated offering expenses payable
by the company, the company expects to receive net proceeds of approximately $4.6 million. The
offering is expected to close on May 11, 2016, subject to customary closing conditions.
The Company intends to use the net proceeds from the offering for general corporate purposes and to service its outstanding
debt owing under a secured promissory note.
The shares described above are being offered by Sophiris pursuant to a registration statement previously filed with and
subsequently declared effective by the Securities and Exchange Commission. A prospectus supplement relating to the offering will
be filed with the SEC and will be available on the SEC's website at http://www.sec.gov.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities
described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation
or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Copies of the preliminary prospectus supplement and accompanying base prospectus relating to this offering may be obtained from
Roth Capital Partners, 888 San Clemente Drive, Suite 400, Newport Beach, CA 92660, (800)
678-9147 or by accessing the SEC's website, www.sec.gov.
About Sophiris
Sophiris Bio Inc. is a biopharmaceutical company developing topsalysin, a clinical-stage, targeted therapy for the treatment
of urological diseases. Topsalysin is in Phase 3 clinical development for the treatment of the symptoms of benign prostatic
hyperplasia (BPH) and is designed to be as efficacious as pharmaceuticals, less invasive than the surgical interventions, and
without the sexual side effects seen with existing treatments. Topsalysin is also currently in Phase 2 clinical development for
the treatment of localized low to intermediate risk prostate cancer. For more information, please visit www.sophirisbio.com.
Safe Harbor / Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of
1995 regarding the proposed public offering and the intended use of proceeds from the offering. The offering is subject to market
and other conditions and there can be no assurance as to whether or when the offering may be completed or as to the actual size
or terms of the offering. These forward-looking statements are subject to risks and uncertainties that may cause actual results
to differ materially, including market conditions, risks associated with the cash requirements of our business and other risks
detailed from time to time in our filings with the Securities and Exchange Commission, and represent our views only as of the
date they are made and should not be relied upon as representing our views as of any subsequent date. We do not assume any
obligation to update any forward-looking statements.
Company Contact:
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Peter Slover
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Chief Financial Officer
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(858) 777-1760
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Corporate Communications and Investor Relations:
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Jason Spark
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Michael Moore
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Canale Communications
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NATIONAL Equicom
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Corporate Communications and IR
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Investor Relations
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(619) 849-6005
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(858) 886-7813
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jason@canalecomm.com
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mmoore@national.ca
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To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/sophiris-bio-inc-to-raise-approximately-5-million-through-at-the-market-offering-300264606.html
SOURCE Sophiris Bio Inc.