CORBUS PHARMACEUTICALS HOLDINGS, INC. (NASDAQ:CRBP) Files An 8-K Termination of a Material Definitive Agreement
Item 1.02 Termination of Material Definitive Agreement.
On January 29, 2019, Corbus Pharmaceuticals Holdings, Inc. (the “Company”) provided notice of its termination of the Controlled Equity OfferingSM Sales Agreement, dated as of January 5, 2018 (the “Sales Agreement”), by and between the Company and Cantor Fitzgerald & Co. (the “Agent”). The termination of the Sales Agreement will be effective on February 8, 2019. As previously reported, to the terms of the Sales Agreement, the Company could offer and sell shares of its common stock, par value $0.0001 per share (the “Common Stock”), having an aggregate offering price of up to $50 million from time to time through the Agent. Since January 5, 2018, the Company has sold 1,500,000 shares of its Common Stock to the Sales Agreement for aggregate gross proceeds of approximately $11.7 million. The Company does not intend to affect any further sales under the Sales Agreement prior to its termination.
About CORBUS PHARMACEUTICALS HOLDINGS, INC. (NASDAQ:CRBP)
Corbus Pharmaceuticals Holdings, Inc. is a clinical-stage pharmaceutical company. The Company is focused on the development and commercialization of therapeutics to treat rare or uncommon chronic and serious inflammatory and fibrotic diseases. The Company’s segment is developing and commercializing therapeutics to treat rare life-threatening inflammatory fibrotic diseases. Its product, Resunab, is a synthetic oral endocannabinoid-mimetic drug that is designed to resolve chronic inflammation and halt fibrotic processes without causing immunosuppression. Resunab is being evaluated in approximately three separate Phase II studies for the treatment of cystic fibrosis, systemic sclerosis and skin-predominant dermatomyositis. The United States Food and Drug Administration has granted Resunab Orphan Drug Designation, as well as Fast Track Status, for both cystic fibrosis and systemic sclerosis. Resunab is in Phase II clinical stage for the treatment of Systemic Lupus Erythematosus.
