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AcelRx Pharmaceuticals Announces Pricing of a $10.0 Million PIPE Financing
Date:5/30/2012

REDWOOD CITY, Calif., May 30, 2012 /PRNewswire/ -- AcelRx Pharmaceuticals, Inc. (Nasdaq: ACRX), a specialty pharmaceutical company focused on the development and commercialization of innovative therapies for the treatment of acute and breakthrough pain, announced today that it has obtained commitments from certain non-affiliated and affiliated institutional investors to purchase approximately $10.0 million of its common stock in a private placement.  AcelRx has entered into a securities purchase agreement with the investors pursuant to which AcelRx will sell an aggregate of 2,922,337 shares of its common stock and warrants to purchase up to 2,630,103 additional shares of common stock.  Each unit, consisting of one share of common stock and one warrant, to purchase 0.9 shares of common stock, will be sold for a purchase price of $3.40 to non-affiliated investors and approximately $3.51 to affiliated investors.  The warrants are exercisable six months after the issuance date at an exercise price equal to $3.40 per share, and will expire five years from the issuance date.  The private placement is subject to customary closing conditions and is expected to close during the week of May 28, 2012. 

Cowen and Company, LLC served as lead placement agent and JMP Securities served as co-placement agent for the transaction.

Proceeds from the private placement are expected to be used for general corporate and working capital purposes, including the development of the ARX-01 Sufentanil NanoTab PCA System, AcelRx's lead product candidate for the treatment of post-operative pain.

In connection with the private placement, AcelRx has agreed, subject to certain terms and conditions, to file a registration statement under the Securities Act covering the resale of shares of common stock, including shares of common stock underlying the warrants, within
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SOURCE AcelRx Pharmaceuticals, Inc.
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