Bio-Path Holdings Announces $8.0 Million Registered Direct Offering Priced At-the-Market
November 21 2019 - 11:30AM
Bio-Path Holdings, Inc., (Nasdaq:BPTH), a biotechnology company
leveraging its proprietary DNAbilize® antisense RNAi
nanoparticle technology to develop a portfolio of targeted nucleic
acid cancer drugs, today announced that it has entered into
definitive agreements with several healthcare focused institutional
investors for the issuance and sale in a registered direct offering
of 808,080 shares of its common stock and warrants to purchase up
to 606,060 shares of its common stock, at a combined purchase price
of $9.90 per share and associated warrant, for aggregate gross
proceeds of approximately $8.0 million.
H.C. Wainwright & Co. is acting as the
exclusive placement agent for the offering.
The warrants will have an exercise price of
$9.90 per share and exercise period commencing immediately upon
issuance and a term of five years.
The offering is expected to close on or about
November 25, 2019, subject to the satisfaction of customary closing
conditions.
Bio-Path currently intends to use the net
proceeds from the offering for working capital and general
corporate purposes.
The securities described above are being offered
and sold by Bio-Path pursuant to a “shelf” registration statement
on Form S-3 (Registration No. 333-231537), including a base
prospectus, previously filed with and declared effective by the
Securities and Exchange Commission (SEC) on June 5, 2019. The
offering of the securities will be made only by means of a
prospectus supplement that forms a part of the registration
statement. A final prospectus supplement and an accompanying base
prospectus relating to the registered direct offering will be filed
with the SEC and will be available on the SEC's website located at
http://www.sec.gov. Electronic copies of the prospectus supplement
and the accompanying base prospectus may also be obtained by
contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd
Floor, New York, NY 10022, by phone at 646-975-6996 or e-mail at
placements@hcwco.com.
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 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 the treatment of blood cancers and is in the process of
filing an IND for a Phase 1 clinical trial for solid tumors. The
Company’s second product BP1002, which targets the Bcl-2 protein,
will be evaluated for the treatment of lymphoma and solid tumors.
In addition, an IND is expected to be filed for BP1003, a novel
liposome-incorporated STAT3 antisense oligodeoxynucleotide
developed by Bio-Path as a specific inhibitor of STAT3, in
2020.
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. 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 statements regarding the offering, the
intended use of proceeds and the timing of the closing of the
offering, Bio-Path’s ability to raise needed additional capital on
a timely basis in order for it to continue its operations,
Bio-Path's ability to have success in the clinical development of
its technologies, the timing of enrollment and release of data in
such clinical studies and 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 for future patent applications
will be issued or that any issued patents will provide meaningful
protection of our drug candidates, risks relating to maintaining
Bio-Path's listing on the Nasdaq Capital Market, market and other
conditions 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 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
Relations212-362-1200will@sternir.com
Doug MorrisInvestor RelationsBio-Path Holdings,
Inc.832-742-1369
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