MENLO PARK, Calif.,
April 28, 2017 /PRNewswire/
-- BioPharmX Corporation (NYSE MKT: BPMX), a specialty
pharmaceutical company developing products for the dermatology
market, announced the closing of a registered direct offering
following its entry into securities purchase agreements with
certain existing institutional investors for the purchase and sale
of 6,410,258 shares of common stock at a price of $0.78 per share with 50% warrant coverage
(representing warrants to purchase up to 3,205,129 shares of common
stock). The warrants will be exercisable at an exercise price
of $0.90 per share beginning six
months following the closing date and will expire five years from
the date they become exercisable. The gross proceeds of the
offering were approximately $5.0
million.
Net proceeds of the offering will be used to advance the
BioPharmX dermatology-focused drug delivery and clinical programs,
including advancing the company's lead product BPX-01, and general
corporate purposes.
Roth Capital Partners acted as sole placement agent.
The shares of common stock, warrants, and shares issuable upon
exercise of the warrants were offered by BioPharmX pursuant to a
shelf registration statement on Form S-3 (File No. 333-209026)
which was declared effective by the Securities and Exchange
Commission (SEC) on February 4, 2016.
A prospectus supplement relating to the offering was filed with the
SEC.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any of the securities described
herein, nor shall there be any sale of these securities in any
state or jurisdiction in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction. Copies of the
prospectus supplement and accompanying base prospectus relating to
this offering may be obtained from Roth Capital Partners, 888 San
Clemente Drive, Suite 400, Newport Beach,
CA 92660, (800) 678-9147 or by accessing the SEC's website,
www.sec.gov.
BioPharmX also announced that, as previously disclosed in its
Annual Report on Form 10-K for the year ended January 31, 2017, filed April 21, 2017, with the Securities and Exchange
Commission, the audited financial statements contained an audit
opinion from its independent registered public accounting firm that
included a going concern emphasis of matter paragraph. See further
discussion in footnote 2 to the company's consolidated financial
statements included in the company's Annual Report on Form
10-K.
This announcement is made pursuant to NYSE MKT Company Guide
Section 610(b), which requires separate public announcement of the
receipt of an audit opinion containing a going concern paragraph.
This announcement does not represent any change or amendment to the
company's consolidated financial statements or to its Annual Report
on Form 10-K for the year ended January 31,
2017.
About BioPharmX® Corporation
BioPharmX Corporation
(NYSE MKT: BPMX) is a Silicon Valley-based specialty pharmaceutical
company that seeks to provide products through proprietary platform
technologies for prescription, over-the-counter and supplement
applications in dermatology and women's health. To learn more about
BioPharmX, visit www.BioPharmX.com.
Forward-Looking Statement
The information in this
press release contains forward-looking statements and information
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, which are subject to the "safe harbor" created by those
sections. This press release contains forward-looking statements
about the company's expectations, plans, intentions and strategies,
including, but not limited to, our intended use of the proceeds
from the offering. These forward-looking statements may be
identified by words such as "may", "plan", "expect," "anticipate,"
"believe," or similar expressions that are intended to identify
such forward-looking statements. These forward-looking statements
involve risks and uncertainties, as well as assumptions, which, if
they do not fully materialize or prove incorrect, could cause our
results to differ materially from those expressed or implied by
such forward-looking statements. The risks and uncertainties
include those described in the company's filings with the
Securities and Exchange Commission. Given these risks and
uncertainties, you are cautioned not to place undue reliance on
such forward-looking statements. The forward-looking statements
included in this news release are made only as of the date hereof
and the company undertakes no obligation to publicly update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as may be required
under applicable securities laws.
BioPharmX is a registered trademark of BioPharmX, Inc.
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SOURCE BioPharmX Corporation