Hillstream BioPharma Announces Pricing of Public Offering
April 27 2023 - 9:50PM
Hillstream BioPharma, Inc. (Nasdaq: HILS) ("Hillstream" or the
"Company"), a biotechnology company developing therapeutic
candidates targeting drug resistant and devastating cancers using
ferroptosis, an emerging new anti-cancer mechanism resulting in
iron-mediated cell death, and immuno-oncology targeted novel
biologics, today announced the pricing of an underwritten public
offering of 5,300,000 shares of its common stock. Each share is
being sold to the public at a price of $0.50 for gross proceeds of
$2,650,000, before deducting underwriting discounts and offering
expenses. All of the shares of common stock are being offered by
the Company. In addition, the Company has granted the underwriters
a 45-day option to purchase up to an additional 795,000 shares to
cover over-allotments at the public offering price, less the
underwriting discount. The offering is expected to close on May 2,
2023, subject to satisfaction of customary closing conditions.
The Company intends to use the net proceeds from
the offering for the advancement of HSB-1216, the development of
other product candidates in the Company’s pipeline, for general
corporate purposes, and for working capital.
ThinkEquity is acting as sole book-running
manager for the offering.
The securities will be offered and sold pursuant
to a shelf registration statement on Form S-3 (File No.
333-270684), including a base prospectus, filed with the U.S.
Securities and Exchange Commission (the “SEC”) on March 17, 2023
and declared effective on March 24, 2023. The offering will be made
only by means of a written prospectus. A preliminary prospectus
supplement and accompanying prospectus describing the terms of the
offering has been filed with the SEC on its website at www.sec.gov.
A final prospectus supplement and accompanying prospectus related
to the offering will be filed with the SEC and made available on
the SEC’s website. Copies of the final prospectus supplement
and the accompanying prospectus relating to the offering may also
be obtained, when available, from the offices of ThinkEquity, 17
State Street, 41st Floor, New York, New York 10004, by telephone at
(877) 436-3673 or by email at prospectus@think-equity.com.
This press release shall not constitute an offer
to sell or a solicitation of an offer to buy, nor shall there be
any sale of these securities in any state or jurisdiction in which
such an offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
About Hillstream Hillstream
BioPharma, Inc. is a biotechnology company developing a focused
portfolio of therapeutic candidates targeting drug resistant and
devastating cancers. The Company anticipates submitting an
investigational new drug application and plans to initiate a
clinical study in the second half of 2023 with HSB-1216, which
targets ferroptosis, an emerging new anti-cancer mechanism,
resulting in iron mediated cell death (IMCD) of drug resistant
cancers. The Company’s emerging immuno-oncology pipeline is led by
HSB-3215, a novel anti-HER2 monoclonal antibody targeting unique
epitopes with a novel mechanism of action. The erbB/HER family of
cell surface proteins include well-known and validated drug targets
including HER2 and HER3 found in multiple solid tumors, including
breast, lung, GYN, endocrinological and CNS. For more information,
please visit: www.hillstreambio.com.
Forward Looking
StatementsCertain statements in this press release are
forward-looking within the meaning of the Private Securities
Litigation Reform Act of 1995. These statements may be identified
using words such as “anticipate,” “believe,” “forecast,”
“estimated” and “intend” or other similar terms or expressions that
concern Hillstream’s expectations, strategy, plans or intentions.
These forward-looking statements are based on Hillstream’s current
expectations and actual results could differ materially. There are
several factors that could cause actual events to differ materially
from those indicated by such forward-looking statements. These
factors include, but are not limited to, clinical trials involve a
lengthy and expensive process with an uncertain outcome, and
results of earlier studies and trials may not be predictive of
future trial results; our clinical trials may be suspended or
discontinued due to unexpected side effects or other safety risks
that could preclude approval of our product candidates; risks
related to business interruptions, including the outbreak of
COVID-19 coronavirus, which could seriously harm our financial
condition and increase our costs and expenses; dependence on key
personnel; substantial competition; uncertainties of patent
protection and litigation; dependence upon third parties; and risks
related to failure to obtain FDA clearances or approvals and
noncompliance with FDA regulations. Investors should read the risk
factors set forth in our Form 10-K for the year ended December 31,
2022 and our periodic reports filed with the Securities and
Exchange Commission. While the list of factors presented here is
considered representative, no such list should be considered to be
a complete statement of all potential risks and uncertainties.
Unlisted factors may present significant additional obstacles to
the realization of forward-looking statements. Forward-looking
statements included herein are made as of the date hereof, and
Hillstream does not undertake any obligation to update publicly
such statements to reflect subsequent events or circumstances.
Investor Relations:Email:
investorrelations@hillstreambio.comWebsite:
www.hillstreambio.com
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