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Sophiris Bio Inc. (NASDAQ: SPHS), a biopharmaceutical company developing topsalysin (PRX302) for the treatment of urological diseases, said it has engaged Oppenheimer & Co. Inc. (NYSE: OPY) as its financial advisor to assist with evaluation of strategic alternatives to advance the development of topsalysin and enhance shareholder value, including potential partnering arrangements, financings or a strategic transaction. The move comes two days after Sophiris closed a public offering of common stock and warrants at $1.40 per share for gross proceeds of $5,000,000. The company expects to receive net proceeds of approximately $4,600,000, which it intends to use for general corporate purposes and to service its outstanding debt owing under a secured promissory note. Roth Capital Partners served as sole placement agent. SPHS shares were trading within a narrow range at about $1.00 per share in midafternoon today, giving the company a market value of $17.23 million. On August 23, 2013, Sophiris closed its U.S. IPO on NASDAQ issuing 13,000,000 shares at a price of $5.00 per share for aggregate gross proceeds of $65 million. The offering was underwritten by Citigroup and Leerink Swann, as joint book-running managers, with Stifel and Lazard Capital Markets acting as co-managers. Prior to the NASDAQ IPO, Warburg Pincus Private Equity X LP held a 52.3% controlling stake in Sophiris Bio, which it subsequently largely sold to private equity firm Tavistock Life Sciences in Q3 2013. Tavistock in turn transferred a portion of its Sophiris shares to Boxer Capital, a vehicle for Tavistock Life Science’s biotech investments. The company’s shares were previously publicly traded on the Toronto Stock Exchange (TSX: SHS) until November 5, 2013, when it applied for a voluntary delisting. “Our Phase 3 BPH clinical trial met its primary endpoint and the initial data from our Phase 2a proof of concept trial in localized prostate cancer was encouraging, both of which create attractive strategic opportunities for moving the programs and the company forward,” said Randall E. Woods, president and CEO of Sophiris. “Data from all 18 patients treated with topsalysin in the Phase 2a prostate cancer study is still expected this quarter. With the totality of the topsalysin data, Oppenheimer’s experience advising companies in our field will be immensely valuable as we evaluate strategic alternatives to maximize opportunities from our topsalysin programs,” he added. Sophiris Bio Inc. is a biopharmaceutical company developing topsalysin, a clinical-stage, targeted therapy for the treatment of urological diseases. Topsalysin is in Phase 3 clinical development for the treatment of the symptoms of benign prostatic hyperplasia (BPH) and is designed to be as efficacious as pharmaceuticals, less invasive than the surgical interventions, and without the sexual side effects seen with existing treatments. Topsalysin is also currently in a Phase 2a proof of concept study for the treatment of localized low to intermediate risk prostate cancer. Sophiris has a strategic relationship with Kissei Pharmaceutical Co. Ltd. for the development and commercialization of PRX302 and other products for the treatment of the symptoms of BPH, prostate cancer, prostatitis, or other diseases of the prostate; and license agreement with UVIC Industry Partnerships Inc. and The Johns Hopkins University with respect to the use of PRX302 for the development of therapeutics for the symptoms of BPH, prostate cancer, and other non-cancer diseases and conditions of the prostate. The company was formerly known as Protox Therapeutics Inc. and changed its name to Sophiris Bio, Inc. in April 2012, relocating its core activities from Vancouver, British Columbia to San Diego, California in conjunction with the transition of a new senior management team. The company was founded in 2002 and is currently based in La Jolla, California. Sophiris Bio is an “emerging growth company” under the JOBS Act of 2012, and as such, has taken advantage of certain reduced disclosure requirements.]]>