“We are pleased to have closed this financing as it provides Societal with additional funding to support the continued execution of our growth objectives. This comes at a time in which we are generating ongoing momentum in pursuing and winning new business, both from the establishment of entirely new customer relationships and the expansion of existing customer projects, all while aggressively managing our expenditures during an industry slowdown that is making it challenging for drug innovators to secure funding for their programs,” said
The securities were offered pursuant to a shelf registration statement filed with the
This press 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.
About
In addition to Societal’s experience in handling DEA controlled substances and developing and manufacturing modified-release dosage forms,
Cautionary Statement Regarding Forward Looking Statements
This press release includes 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. These statements, among other things, relate to the Company’s expectations regarding its use of net proceeds from the offering, the Company’s updated cash runway, and execution of the Company’s business strategy, including its establishment of entirely new customer relationships, expansion of existing customer projects, and management of its expenditures. The words “anticipate”, “believe”, “correlate”, “could”, “estimate”, “upcoming”, “expect”, “intend”, “may”, “plan”, “predict”, “project”, “will” and similar terms and phrases may be used to identify forward-looking statements in this press release. The Company’s operations involve risks and uncertainties, many of which are outside its control, and any one of which, or a combination of which, could materially affect its results of operations and whether the forward-looking statements ultimately prove to be correct. Factors that could cause the Company’s actual outcomes to differ materially from those expressed in or underlying these forward-looking statements include, but are not limited to, risks and uncertainties associated with market conditions and the satisfaction of customary closing conditions related to the offering, risks and uncertainties associated with demand for the Company’s services, which depends in part on customers’ research and development and the clinical plans and market success of their products; customers’ changing inventory requirements and manufacturing plans; customers and prospective customers decisions to move forward with the Company’s manufacturing services; the average profitability, or mix, of the products the Company manufactures; the Company’s ability to enhance existing or introduce new services in a timely manner; fluctuations in the costs, availability, and suitability of the components of the products the Company manufactures, including active pharmaceutical ingredients, excipients, purchased components and raw materials, or the Company’s customers facing increasing or new competition. These forward-looking statements should be considered together with the risks and uncertainties that may affect the Company’s business and future results presented herein along with those risks and uncertainties discussed in its filings with the
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ContactsStephanie Diaz (Investors)Vida Strategic Partners (415) 675-7401 sdiaz@vidasp.comTim Brons (Media)Vida Strategic Partners (415) 675-7402 tbrons@vidasp.comRyan D. Lake (CFO)Societal CDMO (770) 531-8365 ryan.lake@societalcdmo.com
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