Bio-Path Holdings Announces Closing of $8.0 Million Registered Direct Offering Priced At-the-Market
November 25 2019 - 2:11PM
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 the closing of its
previously announced offering. In a registered direct offering
priced at-the-market, Bio-Path issued and sold 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. acted as the exclusive
placement agent for the offering.
The warrants have an exercise price of $9.90 per
share and exercise period commencing immediately upon issuance and
a term of five years.
Bio-Path currently intends to use the net
proceeds from the offering for working capital and general
corporate purposes.
The securities described above were 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 was 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 were filed with the SEC and are
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, 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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