EDISON, N.J., May 01, 2017 (GLOBE NEWSWIRE) -- ContraVir Pharmaceuticals, Inc. (“ContraVir”) (NASDAQ:CTRV), a
biopharmaceutical company focused on the development and commercialization of targeted antiviral therapies, announced the closing
on April 28, 2017 of its previously announced underwritten public offering of 12,000,000 shares of its common stock and warrants to
purchase 6,000,000 shares of its common stock at a combined offering price of $1.00 for aggregate gross proceeds of $12 million,
before deducting underwriting discounts and commissions and estimated offering expenses payable by ContraVir. The shares of common
stock and warrants will be issued separately. The warrants will be exercisable beginning on the date of issuance for a period
of five years from the issuance date at an exercise price of $1.25 per share. There is no established public trading market for the
warrants and ContraVir does not expect a market to develop in the future. ContraVir intends to use the net proceeds from the
sale of the securities to fund research and development activities, including ongoing clinical trials, and for working capital and
other general corporate purposes, and possibly acquisitions of other companies, products or technologies, though no such
acquisitions are currently contemplated.
Canaccord Genuity Inc. acted as the sole book-running manager for the offering and Maxim Group LLC acted as a
co-manager for the offering.
The shares of common stock and warrants described above are being offered pursuant to a shelf registration
statement previously filed with and declared effective by the Securities and Exchange Commission (SEC). A final prospectus
supplement and accompanying prospectus relating to the offering was filed with the SEC and is available on the SEC’s website at
www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus relating
to the offering may also be obtained from Canaccord Genuity Inc., Attention: Equity Syndicate Department, 99 High Street, 12th
Floor, Boston, Massachusetts 02110, by telephone at (617) 371-3900, or by email at prospectus@canaccordgenuity.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of
ContraVir’s securities. No offer, solicitation or sale will be made in any state or other jurisdiction in which such offering,
solicitation or sale would be unlawful.
About ContraVir Pharmaceuticals
ContraVir is a biopharmaceutical company focused on the development and commercialization of targeted antiviral
therapies with a specific focus on developing a potentially curative therapy for hepatitis B virus (HBV). The Company is developing
two novel anti-HBV compounds with complementary mechanisms of action. One compound, TXL™ (formerly CMX157), is a highly potent
analog of the successful antiviral drug Viread® (tenofovir disoproxil fumerate), and is currently in Phase 2a of development. TXL™
has demonstrated the potential for low, once-daily dosing and decreased systemic exposure compared to tenofovir, thereby
potentially reducing renal and bone side effects. CRV431, the other anti-HBV compound, is a next-generation cyclophilin inhibitor
with a unique structure that increases its potency and selective index against HBV. ContraVir is also developing Valnivudine, an
orally available nucleoside analogue prodrug; Valnivudine is currently in Phase 3 for the treatment of herpes zoster. In addition
to direct antiviral activity, Phase 2 data suggest that Valnivudine has the potential to reduce the incidence of debilitating
shingles-associated pain known as post-herpetic neuralgia (PHN). For more information visit www.contravir.com.
Forward-Looking Statements
This press release contains forward-looking statements, including statements relating to ContraVir’s
expectations regarding the completion of the proposed public offering. These statements are subject to significant risks and
uncertainties and actual results could differ materially from those projected. ContraVir cautions investors not to place undue
reliance on the forward-looking statements contained in this release. 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 year ended
June 30, 2016 and other periodic reports filed with the Securities and Exchange Commission.
For further information, please contact: Sharen Pyatetskaya Director of Investor Relations sp@contravir.com; (732) 902-4028
