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News Alert: Egalet Corporation (Nasdaq: EGLT)

Egalet Corporation (Nasdaq: EGLT) (“Egalet” or the “Company”), a fully integrated specialty pharmaceutical company focused on developing, manufacturing and marketing innovative treatments for pain and other conditions, recently declared the pricing of its underwritten public offering of 16,666,667 shares of its common stock and accompanying warrants to purchase up to 16,666,667 shares, at a combined public offering price of $1.80 per share and accompanying warrant. Each warrant will have an exercise price of $2.70 and will expire five years from the date of issuance.
The Company has granted the underwriters a 30-day option to purchase up to an additional 2,500,000 shares of common stock and additional warrants to purchase 2,500,000 shares of its common stock. The gross proceeds to Egalet from this offering are expected to be about $30.0 million, before deducting the underwriting discounts and commissions and other estimated offering expenses payable by Egalet, assuming no exercise of the underwriter’s option to purchase additional securities and none of the warrants issued in this offering are exercised. The offering is expected to close on or about on July 11, 2017, subject to the satisfaction of customary closing conditions. All of the securities in the offering are to be sold by Egalet.
Cantor Fitzgerald & Co. is acting as the sole book-running manager for the offering.
Egalet anticipates using the net proceeds from the offering, together with its existing cash and cash equivalents and marketable securities available for sale, to support its commercial sales and marketing efforts with respect to ARYMO® ER (morphine sulfate) extended-release tablets for oral use —CII, SPRIX® (ketorolac tromethamine) Nasal Spray and OXAYDO® (oxycodone HCI, USP) tablets for oral use only —CII and for general corporate purposes, counting potential business development opportunities.

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