Full Press Release Details
Pharmaceuticals Announces $27.2 Million Registered Direct Offering
MA (February 28, 2017) - Corbus Pharmaceuticals Holdings, Inc. (NASDAQ: CRBP) ("Corbus" or
the "Company"), a clinical stage drug development company targeting rare, chronic, serious inflammatory and fibrotic
diseases, announced today that the Company has entered into a Securities Purchase Agreement for the sale of shares of its common
stock in a registered direct offering to investors. The Company is selling 3,887,815 shares at a purchase price of $7.00 per
share with gross proceeds of approximately $27.2 million and net proceeds of approximately $27.1 million.
proceeds from the offering will be used to fund our continued clinical development of JBT-101 and for general corporate purposes,
which may include increasing working capital and funding capital expenditures. The Company's current cystic fibrosis
clinical study is supported by an award from the Cystic Fibrosis Foundation. The dermatomyositis and systemic lupus
erythematosus clinical studies are supported by grants from the National Institutes of Health.
closing of the offering is expected to take place on or about February 28, 2017, subject to the satisfaction of customary
shares are being offered by Corbus pursuant to a shelf registration statement on Form S-3 (File No. 333-207936) which was declared
effective on November 19, 2015 by the Securities and Exchange Commission (the "SEC"). A prospectus supplement and
accompanying base prospectus relating to the offering of the shares will be filed with the SEC and will be available on the SEC's
website at http: //www.sec.gov. Copies of the prospectus supplement and the accompanying base prospectus relating to the
securities may also be obtained from Corbus Pharmaceuticals Holdings, Inc., 100 River Ridge Drive, Norwood, MA 02062.
news release shall not constitute an offer to sell or the solicitation of an offer to buy, 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. The securities are being offered only by means of a prospectus,
including a prospectus supplement and accompanying base prospectus, forming a part of the effective registration statement.
is a novel synthetic oral endocannabinoid-mimetic drug that preferentially binds to the cannabinoid receptor type 2 (CB2) expressed
on activated immune cells and fibroblasts. CB2 activation triggers endogenous pathways that resolve inflammation and halt fibrosis.
Preclinical and Phase 1 studies have shown JBT-101 to have a favorable safety, tolerability and pharmacokinetic profile. It has
also demonstrated promising potency in preclinical models of inflammation and fibrosis. JBT-101 is designed to trigger the production
of "Specialized Pro-resolving Lipid Mediators" that activate an endogenous cascade responsible for the resolution
of inflammation and fibrosis, while reducing production of multiple inflammatory mediators. In effect, JBT-101 triggers endogenous
pathways to turn "off" chronic inflammation and fibrotic processes, without causing immunosuppression.
Pharmaceuticals Holdings, Inc. is a clinical stage pharmaceutical company focused on the development and commercialization of
novel therapeutics to treat rare, chronic, and serious inflammatory and fibrotic diseases. The Company's lead product candidate,
JBT-101, is a novel synthetic oral endocannabinoid-mimetic drug designed to resolve chronic inflammation, and fibrotic processes.
In November 2016, Corbus reported positive topline data results from a Phase 2 study in diffuse cutaneous systemic sclerosis,
showing clear signal of clinical benefit with JBT-101. The Company recently completed a Phase 2 study of JBT-101 for the treatment
of cystic fibrosis with topline data expected to be announced before the end of the first quarter of 2017. Additionally, JBT-101
is being evaluated in a Phase 2, 12-month open label extension study in systemic sclerosis, a Phase 2 study in skin-predominant
dermatomyositis, with a 12-month open label extension study in dermatomyositis and another Phase 2 study in systemic lupus erythematosus
planned to commence in the first quarter of 2017.
more information, please visit www.CorbusPharma.com and connect with the Company on Twitter, LinkedIn, Google+
press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934 and Private Securities Litigation Reform Act, as amended, including those relating
to the closing of the offering, the use of proceeds from the offering and the Company's product development, clinical and
regulatory timelines, market opportunity, competitive position, possible or assumed future results of operations, business strategies,
potential growth opportunities and other statement that are predictive in nature. These forward-looking statements are based on
current expectations, estimates, forecasts and projections about the industry and markets in which we operate and management's
current beliefs and assumptions.
statements may be identified by the use of forward-looking expressions, including, but not limited to, "expect," "anticipate,"
"intend," "plan," "believe," "estimate," "potential," "predict,"
"project," "should," "would" and similar expressions and the negatives of those terms. These
statements relate to future events or our financial performance and involve known and unknown risks, uncertainties, and other
factors which may cause actual results, performance or achievements to be materially different from any future results, performance
or achievements expressed or implied by the forward-looking statements. Such factors include those set forth in the Company's
filings with the Securities and Exchange Commission. Prospective investors are cautioned not to place undue reliance on such forward-looking
statements, which speak only as of the date of this press release. The Company undertakes no obligation to publicly update any
forward-looking statement, whether as a result of new information, future events or otherwise.
Thomas Communications, LLC
Corbus Pharmaceuticals Holdings, Inc.