UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
PDS Biotechnology Corporation
(Name of Issuer)
Common Stock, $0.00033 par value per share
(Title of Class of Securities)
279870109
(CUSIP Number)
Craig L. Slutzkin
New Leaf Venture Management III, L.L.C.,
Times Square Tower
7 Times Square, Suite 3502
New York, NY 10036
(646) 871-6400
(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
March 15, 2019
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. ☐
Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See §240.13d-7 for other parties to whom copies are to be sent.
* | The remainder of this cover page shall be filled out for a reporting persons initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. |
The information required on the remainder of this cover page shall not be deemed to be filed for the purpose of Section 18 of the Securities Exchange Act of 1934 (Act) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
Persons who respond to the collection of information contained in this form are not
required to respond unless the form displays a currently valid OMB control number.
CUSIP No. 279870109 | 13D | Page 2 of 24 Pages |
1 |
NAMES OF REPORTING PERSONS. I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).
New Leaf Ventures III, L.P. | |||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) ☐ (b) ☒
| |||||
3 | SEC USE ONLY
| |||||
4 | SOURCE OF FUNDS (SEE INSTRUCTIONS)
WC | |||||
5 | CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
☐ | |||||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware Limited Partnership |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH |
7 | SOLE VOTING POWER
0 shares | ||||
8 | SHARED VOTING POWER
58,621 shares | |||||
9 | SOLE DISPOSITIVE POWER
0 shares | |||||
10 | SHARED DISPOSITIVE POWER
58,621 shares |
11 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
58,621 shares | |||||
12 | CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
☐ | |||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.1% | |||||
14 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
PN |
2
CUSIP No. 279870109 | 13D | Page 3 of 24 Pages |
1 |
NAMES OF REPORTING PERSONS. I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).
New Leaf Biopharma Opportunities I, L.P. | |||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) ☐ (b) ☒
| |||||
3 | SEC USE ONLY
| |||||
4 | SOURCE OF FUNDS (SEE INSTRUCTIONS)
WC | |||||
5 | CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
☐ | |||||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware Limited Partnership |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH |
7 | SOLE VOTING POWER
0 shares | ||||
8 | SHARED VOTING POWER
58,621 shares | |||||
9 | SOLE DISPOSITIVE POWER
0 shares | |||||
10 | SHARED DISPOSITIVE POWER
58,621 shares |
11 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
58,621 shares | |||||
12 | CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
☐ | |||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.1% | |||||
14 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
PN |
3
CUSIP No. 279870109 | 13D | Page 4 of 24 Pages |
1 |
NAMES OF REPORTING PERSONS. I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).
New Leaf Venture Associates III, L.P. | |||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) ☐ (b) ☒
| |||||
3 | SEC USE ONLY
| |||||
4 | SOURCE OF FUNDS (SEE INSTRUCTIONS)
AF | |||||
5 | CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
☐ | |||||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware Limited Partnership |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH |
7 | SOLE VOTING POWER
0 shares | ||||
8 | SHARED VOTING POWER
58,621 shares | |||||
9 | SOLE DISPOSITIVE POWER
0 shares | |||||
10 | SHARED DISPOSITIVE POWER
58,621 shares |
11 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
58,621 shares | |||||
12 | CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
☐ | |||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.1% | |||||
14 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
PN |
4
CUSIP No. 279870109 | 13D | Page 5 of 24 Pages |
1 |
NAMES OF REPORTING PERSONS. I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).
New Leaf BPO Associates I, L.P. | |||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) ☐ (b) ☒
| |||||
3 | SEC USE ONLY
| |||||
4 | SOURCE OF FUNDS (SEE INSTRUCTIONS)
AF | |||||
5 | CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
☐ | |||||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware Limited Partnership |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH |
7 | SOLE VOTING POWER
0 shares | ||||
8 | SHARED VOTING POWER
58,621 shares | |||||
9 | SOLE DISPOSITIVE POWER
0 shares | |||||
10 | SHARED DISPOSITIVE POWER
58,621 shares |
11 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
58,621 shares | |||||
12 | CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
☐ | |||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.1% | |||||
14 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
PN |
5
CUSIP No. 279870109 | 13D | Page 6 of 24 Pages |
1 |
NAMES OF REPORTING PERSONS. I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).
New Leaf Venture Management III, L.L.C. | |||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) ☐ (b) ☒
| |||||
3 | SEC USE ONLY
| |||||
4 | SOURCE OF FUNDS (SEE INSTRUCTIONS)
AF | |||||
5 | CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
☐ | |||||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware Limited Liability Company |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH |
7 | SOLE VOTING POWER
0 shares | ||||
8 | SHARED VOTING POWER
117,242 shares | |||||
9 | SOLE DISPOSITIVE POWER
0 shares | |||||
10 | SHARED DISPOSITIVE POWER
117,242 shares |
11 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
117,242 shares | |||||
12 | CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
☐ | |||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.2% | |||||
14 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
PN |
6
CUSIP No. 279870109 | 13D | Page 7 of 24 Pages |
1 |
NAMES OF REPORTING PERSONS. I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).
Vijay Lathi | |||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) ☐ (b) ☒
| |||||
3 | SEC USE ONLY
| |||||
4 | SOURCE OF FUNDS (SEE INSTRUCTIONS)
AF | |||||
5 | CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
☐ | |||||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION
United States citizen |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH |
7 | SOLE VOTING POWER
0 shares | ||||
8 | SHARED VOTING POWER
117,242 shares | |||||
9 | SOLE DISPOSITIVE POWER
0 shares | |||||
10 | SHARED DISPOSITIVE POWER
117,242 shares |
11 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
117,242 shares | |||||
12 | CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
☐ | |||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.2% | |||||
14 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN |
7
CUSIP No. 279870109 | 13D | Page 8 of 24 Pages |
1 |
NAMES OF REPORTING PERSONS. I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).
Ronald Hunt | |||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) ☐ (b) ☒
| |||||
3 | SEC USE ONLY
| |||||
4 | SOURCE OF FUNDS (SEE INSTRUCTIONS)
AF | |||||
5 | CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
☐ | |||||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION
United States citizen |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH |
7 | SOLE VOTING POWER
0 shares | ||||
8 | SHARED VOTING POWER
117,242 shares | |||||
9 | SOLE DISPOSITIVE POWER
0 shares | |||||
10 | SHARED DISPOSITIVE POWER
117,242 shares |
11 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
117,242 shares | |||||
12 | CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
☐ | |||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.2% | |||||
14 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN |
8
CUSIP No. 279870109 | 13D | Page 9 of 24 Pages |
1 |
NAMES OF REPORTING PERSONS. I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY).
Liam Ratcliffe | |||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS) (a) ☐ (b) ☒
| |||||
3 | SEC USE ONLY
| |||||
4 | SOURCE OF FUNDS (SEE INSTRUCTIONS)
AF | |||||
5 | CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
☐ | |||||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION
United States citizen |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH |
7 | SOLE VOTING POWER
2,250 shares | ||||
8 | SHARED VOTING POWER
117,242 shares | |||||
9 | SOLE DISPOSITIVE POWER
2,250 shares | |||||
10 | SHARED DISPOSITIVE POWER
117,242 shares |
11 |
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
119,492 shares | |||||
12 | CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
☐ | |||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.2% | |||||
14 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN |
9
CUSIP No. 279870109 | 13D | Page 10 of 24 Pages |
Schedule 13D
Item 1. Security and Issuer.
This statement relates to the Common Stock, $0.00033 par value (the Common Stock) of PDS Biotechnology Corporation (previously, Edge Therapeutics, Inc.) (the Issuer) having its principal executive office at 300 Connell Drive, Suite 4000, Berkeley Heights, NJ 07922.
Item 2. Identity and Background.
This statement is being filed by:
(a) New Leaf Ventures III, L.P. (NLV III) and New Leaf Biopharma Opportunities I, L.P. (previously New Leaf Growth Fund I, L.P.) (NLB I and, together with NLV III, the Funds);
(b) New Leaf Venture Associates III, L.P. (NLV Associates III), which is the sole general partner of NLV III; New Leaf BPO Associates I, L.P. (previously New Leaf Growth Associates I, L.P.) (NLB Associates I and, together with NLV Associates III, the GPLPs), which is the sole general partner of NLB I; and New Leaf Venture Management III, L.L.C. (NLV Management III and, together with the GPLPs, the Control Entities), which is the sole general partner of each of the GPLPs;
(b) Vijay Lathi (Lathi), Ronald Hunt (Hunt), and Liam Ratcliffe (Ratcliffe and together with Lathi and Hunt, the Managing Directors).
The persons named in this Item 2 are referred to individually herein as a Reporting Person and collectively as the Reporting Persons.
The address of the principal business office of the Funds, each Control Entity, Hunt and Ratcliffe is New Leaf Venture Partners, Times Square Tower, 7 Times Square, Suite 3502, New York, NY 10036. The address of the principal business office of Lathi is New Leaf Venture Partners, 1200 Park Place, Suite 300, San Mateo, CA 94043.
The principal business of the Funds is to make, hold and dispose of equity and equity-related investments, principally in healthcare, medical device and life sciences companies. The principal business of NLV Associates III is to act as the sole general partner of NLV III. The principal business of NLB Associates I is to act as the sole general partner of NLB I. The principal business of NLV Management III is to act as the sole general partner of the GPLPs. The principal business of each of the Managing Directors is to manage the Control Entities and a number of affiliated entities with similar businesses.
During the five years prior to the date hereof, none of the Reporting Persons has been convicted in a criminal proceeding or has been a party to a civil proceeding ending in a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.
Each Fund and each GPLP is a limited partnership organized under the laws of the State of Delaware. NLV Management III is a limited liability company organized under the laws of the State of Delaware. Each Managing Director is a citizen of the United States.
Item 3. Source and Amount of Funds or Other Consideration.
Item 3 of the Original Schedule 13D is hereby amended to add the following new paragraphs:
On June 20, 2017, Ratcliffe was granted a stock option to purchase 15,000 shares of the Issuers Common Stock as compensation for his service as a member of the Issuers Board of Directors (the 2017 Options).
On June 19, 2018, Ratcliffe was granted a stock option to purchase 20,000 shares of the Issuers Common Stock as compensation for his service as a member of the Issuers Board of Directors (the 2018 Options).
On August 14, 2018, Ratcliffe was granted 10,000 Restricted Stock Units as compensation for his service as a member of the Issuers Board of Directors (the 2018 RSUs).
In connection with the Merger (as defined below), each of the 2017 Options, 2018 Options and 2018 RSUs were accelerated in full and subject to a 20-1 reverse stock split.
10
CUSIP No. 279870109 | 13D | Page 11 of 24 Pages |
Item 4. Purpose of Transaction.
The Reporting Persons originally acquired an interest in the Issuer for investment purposes. The Reporting Persons expect to evaluate the Issuers financial condition and prospects and their respective interests in, and intentions with respect to, the Issuer and their respective investments in the securities of the Issuer, on an on-going basis, which review may be based on various factors, including the Issuers business and financial condition, results of operations and prospects, general economic and industry conditions, the securities markets in general and those for the Issuers securities in particular, as well as other developments and other investment opportunities. Accordingly, each Reporting Person reserves the right to change its intentions, as it deems appropriate. In particular, each Reporting Person may at any time and from time to time, in the open market, in privately negotiated transactions or otherwise, increase or decrease its holdings in the Issuer that the Reporting Persons now own or may hereafter acquire.
Except as set forth in this Item 4, the Reporting Persons have no present plans or proposals that relate to or would result in any of the actions described in subparagraphs (a) through (j) of Item 4 of Schedule 13D. The Reporting Persons do, however, reserve the right in the future to adopt such plans or proposals subject to compliance with applicable regulatory requirements.
This Amendment No. 1 is being filed as a result of the closing of the merger of Edge Therapeutics, Inc. and PDS Biotechnology Corporation on March 15, 2019 (the Merger). In connection with the Merger, Edge Therapeutics, Inc. changed its name to PDS Biotechnology Corporation and effected a 20-1 reverse stock split of its combined Common Stock (the Stock Split). As a result of the Merger and the Stock Split, the Reporting Persons own less than five percent of the outstanding shares of the Issuers Common Stock. Ratcliffe was previously a member of the Issuers board of directors and resigned from the Issuers board of directors effective upon the closing of the Merger.
Item 5. Interest in Securities of the Issuer.
The information reported below is based on a total of 5,348,174 shares of common stock of the Issuer outstanding as of immediately following the Merger and Stock Split and as reported on a Form 8-K filed by the Issuer with the United States Securities and Exchange Commission on March 18, 2019.
(a,b) Regarding aggregate beneficial ownership, see Row 11 of the cover page of each Reporting Person. Regarding percentage beneficial ownership, see Row 13 of the cover page of each Reporting Person. Regarding sole power to vote shares, see Row 7 of the cover page of each Reporting Person. Regarding shared power to vote shares, see Row 8 of the cover page of each Reporting Person. Regarding sole power to dispose of shares, see Row 9 of the cover page of each Reporting Person. Regarding shared power to dispose of shares, see Row 10 of the cover page of each Reporting Person.
NLV III is the record owner of the shares directly held by it (the NLV III Shares). As the sole general partner of NLV III, NLV Associate III may be deemed to own beneficially the NLV III Shares. NLB I is the record owner of the shares directly held by it (the NLB I Shares). As the sole general partner of NLB I, NLB Associates I may be deemed to own beneficially the NLB I Shares. As the sole general partner of NLV Associates III and NLB Associates I, NLV Management III may be deemed to own beneficially the NLV III Shares and the NLB I Shares. As the individual managers of NLV Management III, each of the Managing Directors also may be deemed to own beneficially the NLV III Shares and the NLB III Shares.
Each of the Reporting Persons, except for NLV III with respect to the NLV III Shares and NLB I with respect to the NLB I Shares, disclaims beneficial ownership of such shares for all purposes, except to the extent of their respective pecuniary interests therein, if any.
(c) Except as set forth in Item 3 above, the Reporting Persons have not effected any transaction in the Common Stock of the Company during the past 60 days.
(d) Under certain circumstances set forth in the limited partnership agreement of each of NLV III, NLB I I, NLV Associates III, NLB Associates I and the limited liability company agreement of NLV Management III, the partners and the members of each of such entities, as applicable, may be deemed to have the right to receive dividends from, or the proceeds from, the sale of shares of the issuer owned by each such entity of which they are a partner or member.
11
CUSIP No. 279870109 | 13D | Page 12 of 24 Pages |
(e) Each of the Reporting Persons has ceased to be the beneficial owner of more than five percent of the outstanding shares of the Issuers Common Stock on March 15, 2019.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer.
Certain of the Reporting Persons have agreed to enter into lock-up agreements (each a Lock-Up Agreement), pursuant to which such entities agreed, subject to certain exceptions, not to sell, transfer or otherwise convey any of the Issuers securities held by them for 90 days following the effective date of the merger. The Form of Lock-Up Agreement is attached to this Schedule 13D as Exhibit B.
12
CUSIP No. 279870109 | 13D | Page 13 of 24 Pages |
Item 7. Material to be Filed as Exhibits.
Exhibit A Agreement regarding filing of joint Schedule 13D.
Exhibit B Form of Lock-Up Agreement.
13
CUSIP No. 279870109 | 13D | Page 14 of 24 Pages |
SIGNATURE
After reasonable inquiry and to the best of its knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.
Date: March 25, 2019
NEW LEAF VENTURES III, L.P. | ||||||
By: | NEW LEAF VENTURE ASSOCIATES III, L.P. General Partner | |||||
By: | NEW LEAF VENTURE MANAGEMENT III, L.L.C. General Partner | |||||
By: | /s/ Craig L. Slutzkin | |||||
Craig L. Slutzkin | ||||||
Chief Financial Officer | ||||||
NEW LEAF BIOPHARMA OPPORTUNITIES I, L.P. | ||||||
By: | NEW LEAF BPO ASSOCIATES I, L.P. General Partner | |||||
By: | NEW LEAF VENTURE MANAGEMENT III, L.L.C. General Partner | |||||
By: | /s/ Craig L. Slutzkin | |||||
Craig L. Slutzkin | ||||||
Chief Financial Officer | ||||||
NEW LEAF VENTURE ASSOCIATES III, L.P. | ||||||
By: | NEW LEAF VENTURE MANAGEMENT III, L.L.C. General Partner | |||||
By: | /s/ Craig L. Slutzkin | |||||
Craig L. Slutzkin | ||||||
Chief Financial Officer | ||||||
NEW LEAF BPO ASSOCIATES I, L.P. | ||||||
By: | NEW LEAF VENTURE MANAGEMENT III, L.L.C. General Partner | |||||
By: | /s/ Craig L. Slutzkin | |||||
Craig L. Slutzkin | ||||||
Chief Financial Officer |
14
CUSIP No. 279870109 | 13D | Page 15 of 24 Pages |
NEW LEAF VENTURE MANAGEMENT III, L.L.C. | ||
By: | /s/ Craig L. Slutzkin | |
Craig L. Slutzkin | ||
Chief Financial Officer | ||
* | ||
Vijay Lathi | ||
* | ||
Ronald Hunt | ||
* | ||
Liam Ratcliffe |
/s/ Craig L. Slutzkin |
Craig L. Slutzkin |
As attorney-in-fact |
* | This Schedule 13D was executed by Craig L. Slutzkin on behalf of the individuals listed above pursuant to Powers of Attorney, copies of which are on file with the appropriate agencies. |
15
CUSIP No. 279870109 | 13D | Page 16 of 24 Pages |
EXHIBIT A
AGREEMENT
Pursuant to Rule 13d-1(k)(1) under the Securities Exchange Act of 1934, the undersigned hereby agree that only one statement containing the information required by Schedule 13D need be filed with respect to the ownership by each of the undersigned of shares of stock of PDS Biotechnology Corporation.
March 25, 2019
NEW LEAF VENTURES III, L.P. | ||||||
By: | NEW LEAF VENTURE ASSOCIATES III, L.P. | |||||
General Partner | ||||||
By: | NEW LEAF VENTURE MANAGEMENT III, L.L.C. | |||||
General Partner | ||||||
By: | /s/ Craig L. Slutzkin | |||||
Craig L. Slutzkin | ||||||
Chief Financial Officer | ||||||
NEW LEAF BIOPHARMA OPPORTUNITIES I, L.P. | ||||||
By: | NEW LEAF BPO ASSOCIATES I, L.P. | |||||
General Partner | ||||||
By: | NEW LEAF VENTURE MANAGEMENT III, L.L.C. | |||||
General Partner | ||||||
By: | /s/ Craig L. Slutzkin | |||||
Craig L. Slutzkin | ||||||
Chief Financial Officer | ||||||
NEW LEAF VENTURE ASSOCIATES III, L.P. | ||||||
By: | NEW LEAF VENTURE MANAGEMENT III, L.L.C. | |||||
General Partner | ||||||
By: | /s/ Craig L. Slutzkin | |||||
Craig L. Slutzkin | ||||||
Chief Financial Officer | ||||||
NEW LEAF BPO ASSOCIATES I, L.P. | ||||||
By: | NEW LEAF VENTURE MANAGEMENT III, L.L.C. | |||||
General Partner | ||||||
By: | /s/ Craig L. Slutzkin | |||||
Craig L. Slutzkin | ||||||
Chief Financial Officer |
CUSIP No. 279870109 | 13D | Page 17 of 24 Pages |
NEW LEAF VENTURE MANAGEMENT III, L.L.C. | ||
By: | /s/ Craig L. Slutzkin | |
Craig L. Slutzkin | ||
Chief Financial Officer | ||
* | ||
Vijay Lathi | ||
* | ||
Ronald Hunt | ||
* | ||
Liam Ratcliffe |
/s/ Craig L. Slutzkin |
Craig L. Slutzkin |
As attorney-in-fact |
* | This Schedule 13D was executed by Craig L. Slutzkin on behalf of the individuals listed above pursuant to Powers of Attorney, copies of which are on file with the appropriate agencies. |
2
CUSIP No. 279870109 | 13D | Page 18 of 24 Pages |
EXHIBIT B
Parent Lock-Up Agreement
This LOCK-UP AGREEMENT (this Agreement), dated as of March 15, 2019, is entered into by and among Edge Therapeutics, Inc., a Delaware corporation (Parent), PDS Biotechnology Corporation, a Delaware corporation (Target), and the undersigned (the Securityholder and together with the Parent and the Target, the Parties and each a Party).
WHEREAS, the Parent, Echos Merger Sub, Inc., a Delaware corporation and a wholly-owned subsidiary of the Parent (Merger Sub), and Target have entered into an Agreement and Plan of Merger and Reorganization, dated as of November 23, 2018, as amended on January 24, 2019, as may be further supplemented and/or amended from time to time (the Merger Agreement), providing for, among other things, the merger of Merger Sub with and into Target with Target continuing as the surviving corporation and a wholly-owned subsidiary of the Parent (the Merger), effective upon the filing of a certificate of merger with the Secretary of State of the State of Delaware in accordance with the Merger Agreement (the Effective Time).
NOW, THEREFORE, in consideration of the promises and of the mutual consents and obligations hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows:
Section 1. Restrictions on Shares/Lock-Up.
(a) During the period commencing at the Effective Time and ending on the date that is ninety (90) days after the Effective Time (the Lock-Up Expiration Time), the Securityholder shall not, directly or indirectly:
(i) transfer (except as may be specifically required by court order or by operation of law), grant an option with respect to, sell, exchange, pledge or otherwise dispose of (whether by actual disposition or effective economic disposition due to cash settlement or otherwise), or encumber, (A) any shares of common stock, par value $0.00033 per share, of the Parent (the Common Stock) owned of record or beneficially by the Securityholder or (B) any securities held by or issued to the Securityholder which are convertible into or exercisable or exchangeable for shares of Common Stock (collectively, the Lock-Up Shares);
(ii) enter into any short sale or any purchase, sale or grant of any right (including, without limitation, any put or call option) with respect to any security (other than a broad-based market basket or index) that includes, relates to or derives any significant part of its value from the Lock-Up Shares or any other agreement that transfers, in whole or in part, any of the economic consequences of ownership of any Lock-Up Shares, whether any such transaction is to be settled by delivery of shares of Lock-Up Shares, in cash or otherwise;
(iii) except for the Support Agreement, grant any proxies or powers of attorney with respect to any Lock-Up Shares, deposit any Lock-Up Shares into a voting trust, or enter into a voting agreement or similar arrangement or commitment with respect to any Lock-Up Shares or make any public announcement that is in any manner inconsistent with this Section 1; or
(vi) make any offer or enter into any agreement or binding arrangement or commitment providing for any of the foregoing actions in clauses (i) to (iii), or publicly disclose the intention to take any of the foregoing actions.
(b) Notwithstanding the restrictions set forth in clause (a) of this Section 1 but subject to the proviso at the end of Section 1(b)(iv) below:
(i) if the Securityholder is a natural person, the Securityholder may transfer the Lock-Up Shares to any member of the Securityholders immediate family, or to a trust for the benefit of the Securityholder or any member of the Securityholders immediate family for estate planning purposes, or to the Securityholders estate, following the death of the undersigned, by will, intestacy, or other operation of law, or as a bona fide gift to a charitable organization, or by operation of law pursuant to a qualified domestic order or in connection with a divorce settlement or to any partnership, corporation or limited liability company which is controlled by the undersigned and/or by any such member of the Securityholders immediate family;
(ii) if the Securityholder is a corporation, partnership or other business entity, the Securityholder may transfer the Lock-Up Shares to another corporation, partnership or other business entity that is an affiliate (as defined under Rule 12b-2 of the Securities and Exchange Act of 1934 (the Exchange Act)) of the Securityholder or as a distribution or dividend to equity holders (including, without limitation, general or limited partners and members) of the Securityholder (including upon the liquidation and dissolution of the undersigned pursuant to a plan of liquidation approved by the undersigneds equity holders), or as a bona fide gift to a charitable organization;
(iii) if the Securityholder is a trust, the Securityholder may transfer its Lock-Up Shares to any grantors or beneficiaries of the trust; and
(iv) nothing contained herein will be deemed to restrict the ability of the Securityholder to (a) transfer or dispose of the shares of the Parent purchased by the Securityholder following the closing of the transactions pursuant to the Merger Agreement in the open market, (b) exercise an option (including a net or cashless exercise of an option) to purchase shares of Common Stock, and any related transfer of shares of Common Stock to Parent and/or in an open market broker-assisted sale for the purpose of paying the exercise price of such options or paying taxes (including estimated taxes) due as a result of the exercise of such options (or the disposition to Parent of any shares of restricted stock granted pursuant to the terms of any employee benefit plan or restricted stock purchase agreement); provided, that for the avoidance of doubt, the net number of shares of Common Stock received upon exercise (including after giving effect to any net or cashless exercise of an option, including through an open market broker-assisted sale) shall continue to be subject to the restrictions on transfer set forth in this Agreement until the Lock-Up Expiration Time, (c) transfer or dispose of the Lock-Up Shares held by the Securityholder in the Parent 401(k) Profit Sharing Plan (the Parent 401(k) Plan) (and, for the avoidance of doubt, this Agreement shall not apply to, or otherwise restrict the transfer of, shares of Common Stock held in the Parent 401(k) Plan), (d) transfer of shares of Common Stock to Parent and/or in an open market broker-assisted sale for the purpose of paying taxes (including estimated taxes) due as a result of the vesting and/or settlement of any restricted stock units of Parent, (e) establish a trading plan pursuant to Rule 10b5-1 under the Exchange Act for the transfer of shares of the Parent, provided, that such plan does not provide for the transfer of shares of the Parent during the Lock-Up Period, or (f) transfer the Lock-Up Shares to a bona fide third party tender offer, merger, consolidation or other similar transaction made to all holders of Parents Common Stock involving a change of control of Parent, provided that in the event such tender offer, merger, consolidation or other similar transaction is not completed, the Lock-Up Shares shall remain subject to the restrictions contained in this Agreement, and provided, that with respect to any transfer or distribution pursuant to Section 1(b), (x) no filing by any party (donor, donee, transferor, transferee, distributor or distributee, as the case may be) under the Exchange Act or other public announcement shall be required or shall be made voluntarily in connection with such transfer or disposition during the Lock-Up Period (other than (i) a filing on Form 5, (ii) a filing of Form 4 in connection with a transfer pursuant to sub clause (d), or (iii) with respect to a transfer pursuant to Section 1(b), a filing on Form 4 expressly stating that such transfer was pursuant to operation of law), (y) it shall be a condition to the transfer or distribution that the transferee or distributee execute an agreement, in the form of this Agreement, stating that the transferee or distributee is receiving and holding such Lock-Up Shares subject to the provisions of such agreement until the Lock-Up Expiration Time. The undersigned also agrees and consents to the entry of stop transfer instructions with the Companys transfer agent and registrar against the transfer of the undersigneds Lock-Up Shares except in compliance with this Agreement.
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(c) The following terms shall have the following meanings for purposes of this Agreement:
i. | Business Day means any day other than a day on which banks in the State of New York are authorized or obligated to be closed. |
ii. | Person means an individual, general partnership, limited partnership, limited liability company, corporation, trust, estate, or any other entity. |
iii. | Support Agreement means that certain Support Agreement, dated as of November 23, 2018, executed by the Securityholder in favor of Parent and Target. |
Section 2. Miscellaneous.
(a) This Agreement shall terminate automatically upon the earlier of (i) the Lock-Up Expiration Time and (ii) if the Merger Agreement is validly terminated in accordance with its terms prior to the Effective Time, upon the date of such termination.
(b) The Securityholder hereby represents and warrants that (i) if it is a corporation, partnership , limited liability company or other business entity, it is duly organized and validly existing and in good standing under the laws of the jurisdiction of its incorporation or formation, (ii) he, she or it has full power and authority to enter into this Agreement, (iii) this Agreement has been duly and validly executed and delivered by the Securityholder and constitutes the legal, valid and binding obligation of the Securityholder, enforceable against the Securityholder in accordance with its terms, subject to laws of general application relating to bankruptcy, insolvency and the relief of debtors and rules of law governing specific performance, injunctive relief and other equitable remedies, and (iv), upon request, he, she or it will execute any additional documents necessary to ensure the validity or enforcement of this Agreement. All authority herein conferred or agreed to be conferred and any obligations of the Securityholder shall be binding upon the successors, assigns, heirs or personal representatives of the Securityholder.
(c) Any attempted transfer in violation of this Agreement will be of no effect and null and void, regardless of whether the purported transferee has any actual or constructive knowledge of the transfer restrictions set forth in this Agreement, and will not be recorded on the share register of the Parent. In order to ensure compliance with the restrictions referred to herein, the undersigned agrees that the Parent and its transfer agent and registrar are hereby authorized to decline to make any such transfer if it would constitute a violation or breach of this Agreement.
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(d) Any person having rights under any provision of this Agreement shall be entitled to enforce such rights specifically, to recover damages caused by reason of any breach of any provision of this Agreement and to exercise all other rights existing in their favor. The parties hereto agree and acknowledge that money damages would not be an adequate remedy for any breach of the provisions of this Agreement and that any party hereto may in its sole discretion apply to any court of law or equity of competent jurisdiction for, and obtain from any such court, specific performance and/or injunctive relief (without posting any bond or other security) in order to enforce or prevent violation of the provisions of this Agreement and shall not be required to prove irreparable injury to such party or that such party does not have an adequate remedy at law with respect to any breach of this Agreement (each of which elements the parties admit). The parties hereto further agree and acknowledge that each and every obligation applicable to it contained in this Agreement shall be specifically enforceable against it and hereby waives and agrees not to assert any defenses against an action for specific performance of their respective obligations hereunder. All rights and remedies existing under this Agreement are cumulative to, and not exclusive of, any rights or remedies available under this Agreement or otherwise.
(e) Except as provided in Section 1(b), neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned, in whole or in part, by operation of law or otherwise, by any of the parties hereto without the prior written consent of the other parties, provided, that Parent may assign its rights and interests to any of its Affiliates (as defined in the Merger Agreement). Subject to the preceding sentence, this Agreement shall be binding upon, inure to the benefit of, and be enforceable by, the parties hereto and their respective successors and permitted assigns. Any purported assignment not permitted under this Section shall be null and void.
(f) If any term or other provision of this Agreement is determined by a court of competent jurisdiction to be invalid, illegal or incapable of being enforced by any rule of law or public policy, all other terms, provisions and conditions of this Agreement shall nevertheless remain in full force and effect. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible to the fullest extent permitted by applicable law in an acceptable manner to the end that the transactions contemplated hereby are fulfilled to the extent possible.
(g) Each of the parties to this Agreement agrees and acknowledges that this Agreement has been negotiated in good faith, at arms length, and not by any means prohibited by law.
(h) This Agreement may be executed in counterparts (each of which shall be deemed to be an original but all of which taken together shall constitute one and the same agreement).
(i) Each of the parties to this Agreement specifically acknowledges that he, she or it (i) is a knowledgeable, informed, sophisticated Person capable of understanding and evaluating the provisions set forth in this Agreement, (ii) has had the opportunity to review this Agreement with counsel of his, her or its own choosing, (iii) has carefully read and fully understands all of the terms of this Agreement, and (iv) is under no disability or impairment that affects its, his or her decision to sign this Agreement and he, she or it knowingly and voluntarily intends to be legally bound by this Agreement.
(j) All notices and other communications hereunder shall be in writing and shall be deemed to have been duly delivered and received hereunder (a) one Business Day after being sent for next Business Day delivery, fees prepaid, via a reputable international overnight courier service, (b) upon delivery in the case of delivery by hand, or (c) on the date delivered in the place of delivery if sent by email or facsimile (with a written or electronic confirmation of delivery) prior to 6:00 p.m. New York City time, otherwise on the next succeeding Business Day, in each case to the intended recipient as follows: (a) if to Parent or the Target, to the notice address listed in Section 10.8 of the Merger Agreement and (b) if to the Securityholder, to the address listed on the signature page hereto.
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(k) The Securityholder agrees and consents to the entry of stop transfer instructions with the Parents transfer agent and registrar against the transfer of Common Stock or securities convertible into or exchangeable or exercisable for Common Stock held by the Securityholder except in compliance with the foregoing restrictions.
(l) This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, regardless of the laws that might otherwise govern under applicable principles of conflicts of laws. In any action or proceeding between any of the Parties arising out of or relating to this Agreement, each of the Parties: (a) irrevocably and unconditionally consents and submits to the exclusive jurisdiction and venue of the Court of Chancery of the State of Delaware or, to the extent such court does not have subject matter jurisdiction, the United States District Court for the District of Delaware or, to the extent that neither of the foregoing courts has jurisdiction, the Superior Court of the State of Delaware; (b) agrees that all claims in respect of such action or proceeding shall be heard and determined exclusively in accordance with clause (a) of this Section 2(l); (c) waives any objection to laying venue in any such action or proceeding in such courts; (d) waives any objection that such courts are an inconvenient forum or do not have jurisdiction over any Party; (e) agrees that service of process upon such Party in any such action or proceeding shall be effective if notice is given in accordance with Section 2(j) of this Agreement; and (f) irrevocably and unconditionally waives the right to trial by jury. This Agreement, and any certificates, documents, instruments and writings that are delivered pursuant hereto, constitutes the entire agreement and understanding of the Parties in respect of the subject matter hereof and supersedes all prior understandings, agreements or representations by or among the Parties, written or oral, to the extent they relate in any way to the subject matter hereof.
(m) Nothing herein shall grant to or create in any Person not a party hereto, or any such Persons dependents, heirs, successors or assigns any right to any benefits hereunder or any remedies hereunder, and no such party shall be entitled to sue any party to this Agreement with respect thereto;
(n) Any amendment, supplement or waiver of this Agreement shall be effective only if in a written instrument executed by each of the Parties. If any such amendment, supplement or waiver is to be entered into after the Closing, it shall have been approved in advance by a majority of the board of directors of Parent, including at least one (1) director designated by Parent in accordance with Section 5.14 of the Merger Agreement.
(o) Subject to Section 2(n), in the event that any holder of Common Stock or securities convertible into or exercisable or exchangeable for Common Stock that is subject to a substantially similar letter agreement entered into by such holder, other than Parent or the undersigned, is permitted by Parent to sell or otherwise transfer or dispose of shares of Common Stock or securities convertible into or exercisable or exchangeable for Common Stock for value other than as permitted by this Agreement or a substantially similar letter agreement entered into by such holder, the same percentage of shares of Common Stock or securities convertible into or exercisable or exchangeable for Common Stock held by the undersigned shall be immediately and fully released on the same terms from any remaining restrictions set forth herein.
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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date first above written.
EDGE THERAPEUTICS, INC. | ||
By: |
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Name: Andrew Saik | ||
Title: Chief Financial Officer |
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date first above written.
SECURITYHOLDER |
Liam Ratcliffe, M.D., Ph.D. |
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(Signature)
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Notice Address: |
c/o New Leaf Venture Partners 7 Times Square, Suite 3502 |
New York, NY 10036 |