GEMPHIRE THERAPEUTICSINC. (NASDAQ:GEMP) Files An 8-K Results of Operations and Financial ConditionItem 2.02 Results of Operations and Financial Condition.
In connection with the Private Placement (as defined below), Gemphire Therapeutics Inc. (the “Company”) disclosed to investors, on a confidential basis, that it had $24 million in net cash as of December 31, 2016.
Item 8.01 Other Events.
On March 10, 2017, the Company issued a press release announcing that it has entered into a securities purchase agreement for a private placement with a select group of accredited investors (the “Private Placement”). A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference. Piper Jaffray & Co. acted as sole lead placement agent and Laidlaw & Company (UK) Ltd. and LifeSci Capital LLC acted as co-placement agents for the Company in connection with the Private Placement.
In connection with the Private Placement, the Company disclosed to investors, on a confidential basis, that (i) its current patent estate consists of 49 issued patents (4 in the United States) and 24 pending patent applications (8 in the United States), (ii) the Company currently has 16 employees and (iii) it expects to enroll 81 patients in AZURE-1, the Phase 2 clinical trial the Company plans to initiate in the second half of 2017 to study gemcabene in nonalcoholic steatohepatitis (NASH) / nonalcoholic fatty liver disease (NAFLD), with 27 patients on each of 300mg of gemcabene, 600 mg of gemcabene and placebo, and to report top-line results for AZURE-1 in 2018. The Company has updated the Corporate Presentation slides on its website to include this information.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
99.1 Press Release issued by Gemphire Therapeutics Inc., dated March 10, 2017.