CERULEAN PHARMA INC. (NASDAQ:CERU) Files An 8-K Regulation FD DisclosureItem 7.01. Regulation FD Disclosure
As previously announced, Cerulean Pharma Inc., a Delaware corporation (“Cerulean”), entered into an asset purchase agreement (the “Novartis APA”) with Novartis Institutes for BioMedical Research, Inc., a Delaware corporation (“Novartis”), and into a stock purchase agreement (the “Daré SPA”) with Daré Bioscience, Inc., a Delaware corporation (“Daré”), and the holders of capital stock and securities convertible into capital stock of Daré named therein.
As of the date of this Form 8-K, based on Cerulean’s 2017 operating plan and its estimates as of the date of this Form 8-K regarding its rate of cash expenditures, Cerulean estimates that its cash and cash equivalents as of June 30, 2017, assuming it has not consummated the transactions contemplated under either the Novartis APA or the Daré SPA (the “Daré Transaction”), will be between $4 million and $6 million. In the event that the Daré Transaction does not close, Cerulean’s Board of Directors may elect to, among other things, dissolve the company and liquidate its assets whether under Title 7 or Title 11 of the United States Code or otherwise. If the Cerulean Board of Directors decides to dissolve and liquidate its assets, it would be required to pay all of its debts and contractual obligations, and to set aside certain reserves for potential future claims, prior to any distribution to stockholders. There can be no assurances as to the amount or timing of available cash left to distribute to Cerulean stockholders, if any, after Cerulean pays its debts and other obligations and sets aside funds for reserves. Cerulean expects that the amount of cash left, if any, to distribute to Cerulean stockholders would be materially less than the expected cash and cash equivalents amounts set forth herein as of June 30, 2017.
The information in this Item 7.01 of this Form 8-K shall not be deemed to be “filed” for the purposes of Section 18 of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of such section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Cautionary Note on Forward-Looking Statements
Any statements herein about future expectations, plans and prospects for the Company, including statements about the expected timing and consummation of the transactions described herein, future cash and cash equivalents balances, the Company’s strategy and future operations and other statements containing the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,” “target,” “potential,” “will,” “would,” “could,” “should,” “continue,” and similar expressions, constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including: actual cash expenditures and/or liabilities, turnover resulting from changes in the Company’s management, and other factors discussed in the “Risk Factors” section of our Annual Report on Form 10-K filed with the SEC on March 31, 2017, and in other filings that we make with the SEC. In addition, the forward-looking statements included herein represent the Company’s views as of the date hereof. The Company anticipates that subsequent events and developments will cause the Company’s views to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date hereof.
About CERULEAN PHARMA INC. (NASDAQ:CERU)
Cerulean Pharma Inc. is a clinical-stage, oncology-focused company. The Company applies its Dynamic Tumor Targeting platform to develop differentiated therapies. Its platform utilizes nanoparticle-drug conjugates (NDCs), which consist of polymers that are covalently linked to anti-cancer therapeutics or payloads. Its NDC platform is designed to create NDCs that accumulate high concentrations of active drug in tumor cells, without exposure to healthy tissue. Its platform is applicable to a range of payloads. It has created NDCs with a range of small molecule payloads, including Jevtana (cabazitaxel), gemcitabine, methotrexate and Xeljanz (tofacitinib). The Company’s product pipeline consists of CRLX101 and CRLX301. Its CRLX101 is a tumor targeted NDC. Its CRLX301 has docetaxel as its anti-cancer payload. CRLX101 has a camptothecin payload, which is a topoisomerase 1 (topo 1) inhibitor. CRLX301 is designed to concentrate docetaxel in tumor cells and spare healthy tissue. CERULEAN PHARMA INC. (NASDAQ:CERU) Recent Trading Information
CERULEAN PHARMA INC. (NASDAQ:CERU) closed its last trading session up +0.045 at 0.705 with 1,724,837 shares trading hands.