Bio-Path Holdings, Inc. Announces Pricing of $2.1 Million Public Offering
03 8월 2023 - 9:22PM
Bio-Path Holdings, Inc., (Nasdaq:BPTH) (“Bio-Path” or the
“Company”), a biotechnology company leveraging its proprietary
DNAbilize® antisense RNAi nanoparticle technology to develop a
portfolio of targeted nucleic acid cancer drugs, today announced
the pricing of a public offering of 3,500,000 shares of common
stock, together with accompanying common stock purchase warrants,
at a price to the public of $0.60 per share and accompanying common
stock purchase warrant, for aggregate gross proceeds to the Company
of approximately $2.1 million, before deducting the fees and
estimated offering expenses payable by the Company. Each share of
common stock is being sold in the offering together with a common
stock purchase warrant to purchase one share of common stock at an
exercise price of $0.60 per share. The common stock purchase
warrants are exercisable immediately and will expire five years
from the date of issuance. The offering is expected to close on or
about August 7, 2023, subject to customary closing conditions.
Roth Capital Partners acted as the sole
placement agent for the offering.
Bio-Path currently intends to use the net
proceeds from the offering for working capital and general
corporate purposes.
A registration statement on Form S-1
(Registration No. 333-272879) relating to the public offering of
the securities described above was filed with the Securities and
Exchange Commission (“SEC”) and was declared effective on August 2,
2023. The offering is being made only by means of a prospectus
forming part of the effective registration statement relating to
the offering. A preliminary prospectus relating to the offering has
been filed with the SEC. When available, copies of the final
prospectus can be obtained from Roth Capital Partners, LLC, 888 San
Clemente Drive, Suite 400, Newport Beach, CA 92660, Attn:
Prospectus Department, telephone: 800-678-9147 or at the SEC’s
website at http://www.sec.gov.
In connection with the offering, the Company has
also agreed to amend certain existing warrants to purchase up to an
aggregate of 800,000 shares of the Company’s common stock that were
previously issued on November 9, 2022 at an exercise price of $2.85
per share, such that effective upon the closing of the offering,
the amended warrants will have a reduced exercise price equal to
$0.7593 per share.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy, 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 Bio-Path Holdings,
Inc.
Bio-Path is a biotechnology company developing
DNAbilize®, a novel technology that has yielded a pipeline of RNAi
nanoparticle drugs that can be administered with a simple
intravenous transfusion. Bio-Path’s lead product candidate,
prexigebersen (BP1001, targeting the Grb2 protein), is in a Phase 2
study for blood cancers, and BP1001-A, a drug product modification
of prexigebersen, is in a Phase 1 study for solid tumors. The
Company’s second product, BP1002, which targets the Bcl-2 protein,
is being evaluated for the treatment of blood cancers and solid
tumors, including lymphoma and acute myeloid leukemia. In addition,
an IND application is expected to be filed for BP1003, a novel
liposome-incorporated STAT3 antisense oligodeoxynucleotide
developed by Bio-Path as a specific inhibitor of STAT3.
For more information, please visit the Company's
website at http://www.biopathholdings.com.
Forward-Looking Statements
This press release contains forward-looking
statements that are made pursuant to the safe harbor provisions of
the federal securities laws, including statements regarding our
business operations, the offering of securities described above,
including those relating to the size thereof and the intended use
of proceeds from the offering. These statements are based on
management's current expectations and accordingly are subject to
uncertainty and changes in circumstances. Any express or implied
statements contained in this press release that are not statements
of historical fact may be deemed to be forward-looking statements.
Any statements that are not historical facts contained in this
release are forward-looking statements that involve risks and
uncertainties, including Bio-Path’s ability to raise needed
additional capital on a timely basis in order for it to continue
its operations, have success in the clinical development of its
technologies, the timing of enrollment and release of data in such
clinical studies, the accuracy of such data, limited patient
populations of early stage clinical studies and the possibility
that results from later stage clinical trials with much larger
patient populations may not be consistent with earlier stage
clinical trials, the maintenance of intellectual property rights,
that patents relating to existing or future patent applications
will be issued or that any issued patents will provide meaningful
protection of its drug candidates, its ability to obtain domestic
and/or foreign regulatory approvals for its drug candidates, the
impact, risks and uncertainties related to global pandemics,
including the COVID-19 pandemic, and actions taken by governmental
authorities or others in connection therewith, and such other risks
which are identified in Bio-Path's most recent Annual Report on
Form 10-K, in any subsequent quarterly reports on Form 10-Q and in
other reports that Bio-Path files with the Securities and Exchange
Commission from time to time. These documents are available on
request from Bio-Path Holdings, Inc. or at www.sec.gov. Bio-Path
disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Contact Information:
Investors
Will O’ConnorStern Investor Relations,
Inc.212-362-1200will@sternir.com
Doug MorrisInvestor RelationsBio-Path Holdings,
Inc.832-742-1369
Bio Path (NASDAQ:BPTH)
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