AtheroNova Prices Public Offering of Common Stock and Warrants

IRVINE, Calif., Oct. 28, 2014 /PRNewswire/ -- AtheroNova Inc. (OTCBB: AHRO), a biotech company focused on the research and development of compounds to safely regress atherosclerotic plaque and improve lipid profiles in humans, today announced the pricing of an underwritten public offering of 4,000,000 shares of its common stock and warrants to purchase up to an aggregate of 5,000,000 shares of its common stock, with each share of common stock being sold together with 1.25 warrants to purchase one share of common stock. The securities are offered at a price to the public of $0.75 per share of common stock and $0.01 per warrant. The warrants will have an exercise price of $4.00 per share, subject to adjustment, and are exercisable immediately and will expire 5 (five) years from the date of issuance. The gross proceeds from this offering to AtheroNova are expected to be $3,050,000, before deducting underwriting discounts and commissions and estimated offering expenses payable by AtheroNova. AtheroNova has granted the underwriters a 45-day option to purchase up to an additional 600,000 shares of its common stock and/or warrants to purchase up to an aggregate of 750,000 shares of its common stock. The offering is expected to close on or about October 31, 2014, subject to customary closing conditions. AtheroNova intends to use the net proceeds from the offering, as well as its other existing capital resources, for general corporate purposes, including working capital, operating expenses and capital expenditures.

Aegis Capital Corp. is acting as the sole book-running manager for the offering.

Merriman Capital is acting as co-manager for the offering.

The securities described above are being offered by AtheroNova pursuant to registration statements on Form S-1 (Nos. 333-194645 and 199628) including a prospectus. The securities may be offered only by means of the prospectus. A preliminary prospectus related to the offering was filed with the SEC on October 16 and a final prospectus related to the offering will be filed with the SEC and will be available on the SEC's website located at www.sec.gov. Copies of the final prospectus relating to the securities being offered, when available, may also be obtained from Aegis Capital Corp., Prospectus Department, 810 Seventh Avenue, 18^th Floor, New York, NY 10019, e-mail: [email protected]; or Merriman Capital, Inc., Prospectus Department, 600 California St., 9^th Floor, San Francisco, CA 94108; telephone (415) 248-5683.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

About AtheroNova 
AtheroNova Inc. is a biotechnology company focused on the discovery, research, development and licensing of novel compounds to safely reduce or regress atherosclerotic plaque deposits and improve lipid profiles in humans. AtheroNova's lead compound, AHRO-001, directly targets atherosclerosis.  In addition to its lead compound AHRO-001, AtheroNova plans to develop multiple applications for its patented and patents-pending therapies in market sectors that include: Cardiovascular Disease, Stroke and Peripheral Artery Disease, all of which have been linked to atherosclerosis.  Atherosclerosis and its related pharmaceutical expenses for these indications cost consumers more than $41 billion annually in the United States alone. For more information, please visit www.AtheroNova.com.

Forward-Looking Statements 
This news release includes "forward-looking statements". These statements are based upon the current beliefs and expectations of AtheroNova's management and are subject to significant risks and uncertainties. If underlying assumptions prove inaccurate or risks or uncertainties materialize, actual results may differ materially from those set forth in the forward-looking statements.

Risks and uncertainties include but are not limited to, general industry conditions and competition; significant fluctuations in expenses associated with clinical trials, failure to secure additional financing, the inability to complete regulatory filings with the FDA, general economic factors, including interest rate and currency exchange rate fluctuations; the impact of pharmaceutical industry regulation and health care legislation in the United States and internationally; global trends toward health care cost containment; technological advances, new products and patents attained by competitors; challenges inherent in new product development, including obtaining regulatory approval; AtheroNova's ability to accurately predict future market conditions; manufacturing difficulties or delays; financial instability of international economies and sovereign risk; dependence on the effectiveness of AtheroNova's patents and other protections for innovative products; and the exposure to litigation, including patent litigation, and/or regulatory actions.  Examples of forward-looking statements in this release include statements regarding expected proceeds from, the anticipated closing of and the use of proceeds received from the offering.

AtheroNova undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found in AtheroNova's 2013 Annual Report on Form 10-K and the company's other filings with the Securities and Exchange Commission (SEC) available at the SEC's Internet site (www.sec.gov).

SOURCE AtheroNova Inc.

Related Links

http://www.atheronova.com