Corbus enters controlled equity offering sales pact with Cantor Fitzgerald
Corbus Pharmaceuticals said in a regulatory filing that it entered into a Controlled Equity Offering sales agreement with Cantor Fitzgerald & Co., as sales agent, pursuant to which the company may offer and sell, from time to time, through Cantor Fitzgerald shares of its common stock, par value 0.01c per share. The company is not obligated to sell any shares under the sales agreement. Subject to the terms and conditions of the sales agreement, Cantor Fitzgerald will use commercially reasonable efforts consistent with its normal trading and sales practices, applicable state and federal law, rules and regulations and the rules of The NASDAQ Capital Market to sell shares from time to time based upon the company's instructions, including any price, time or size limits specified by the company. Upon delivery of a placement notice, and subject to the company's instructions in that notice, and the terms and conditions of the Sales Agreement generally, Cantor Fitzgerald may sell our common stock by any method permitted by law deemed to be an "at the market offering" as defined by Rule 415a4 promulgated under the Securities Act. Cantor Fitzgerald's obligations to sell shares under the sales agreement are subject to satisfaction of certain conditions, including customary closing conditions. The company will pay Cantor Fitzgerald a commission of 3.0% of the aggregate gross proceeds from each sale of shares and has agreed to provide Cantor Fitzgerald with customary indemnification and contribution rights. The company has also agreed to reimburse cantor Fitzgerald for certain specified expenses. Sales of shares of common stock under the Sales Agreement will be made pursuant to the registration statement on Form S-3, which was declared effective by the U.S. Securities and Exchange Commission on November 19, 2015, and a related prospectus supplement filed with the SEC on November 23, 2016, for an aggregate offering price of up to $35M.