HOUSTON, April 23, 2019 /PRNewswire/ -- Moleculin
Biotech, Inc., (NASDAQ: MBRX) ("Moleculin" or the "Company"), a
clinical stage pharmaceutical company with a broad portfolio of
drug candidates targeting highly resistant tumors, today announced
that it has entered into definitive agreements with institutional
investors to purchase an aggregate of 9,375,000 units at a
public offering price of $1.60 per
unit in a registered direct offering. Each unit is comprised of one
share of common stock and 0.5 of a warrant to purchase one share of
common stock.
Each warrant will have an exercise price of $1.75 per share and is exercisable immediately.
The warrants will expire five years from the date of issuance. The
shares of common stock and the accompanying warrants included in
the units can only be purchased together in this offering but will
be issued separately and will be immediately separable upon
issuance. The offering is expected to close on or about
April 25, 2019, subject to customary
closing conditions.
The gross proceeds of the offering are expected to be
approximately $15.0 million, prior to
deducting the placement agent fees and other estimated offering
expenses.
Oppenheimer & Co. Inc. is acting as the sole placement agent
for the offering. Roth Capital Partners, LLC and Maxim Group LLC
are acting as financial advisors to the Company.
The Company intends to use the net proceeds of the offering to
fund its planned clinical trials, preclinical programs, for other
research and development activities and for general corporate
purposes.
The securities described above are being offered pursuant to a
prospectus supplement and an accompanying prospectus forming part
of a shelf registration statement on Form S-3 (No. 333-219434)
previously filed with and declared effective by the Securities and
Exchange Commission (SEC). A final prospectus supplement and
the accompanying prospectus relating to and describing the terms of
the offering will be filed with the SEC and will be available on
the SEC's website at http://www.sec.gov. Copies of the final
prospectus supplement and the accompanying prospectus may be
obtained, when available, from Oppenheimer & Co. Inc.,
Attention: Syndicate Prospectus Department, 85 Broad Street, 26th
Floor, New York, New York 10004,
by telephone at (212) 667-8055, or by email at
EquityProspectus@opco.com.
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.
About Moleculin Biotech, Inc.
Moleculin Biotech, Inc. is a clinical stage pharmaceutical
company focused on the development of a broad portfolio of oncology
drug candidates for the treatment of highly resistant tumors. The
Company's clinical stage drugs are: Annamycin, a Next Generation
Anthracycline, designed to avoid multidrug resistance mechanisms
with little to no cardiotoxicity being studied for the treatment of
relapsed or refractory acute myeloid leukemia, more commonly
referred to as AML, WP1066, an Immune/Transcription Modulator
capable of inhibiting p-STAT3 and other oncogenic transcription
factors while also stimulating a natural immune response, targeting
brain tumors, pancreatic cancer and AML, and WP1220, an analog to
WP1066, for the topical treatment of cutaneous T-cell lymphoma.
Moleculin Biotech is also engaged in preclinical development of
additional drug candidates, including additional
Immune/Transcription Modulators, as well as compounds capable of
Metabolism/Glycosylation Inhibition.
For more information about the Company, please visit
http://www.moleculin.com.
Forward-Looking Statements
Some of the statements in this release are forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, Section 21E of the Securities Exchange Act of 1934 and the
Private Securities Litigation Reform Act of 1995, which involve
risks and uncertainties. Forward-looking statements in this press
release include, without limitation, statements about the
anticipated completion of the offering, the satisfaction of
customary closing conditions relating to the offering, and the
anticipated use of net proceeds therefrom. Although Moleculin
Biotech believes that the expectations reflected in such
forward-looking statements are reasonable as of the date made,
expectations may prove to have been materially different from the
results expressed or implied by such forward-looking statements as
a result of various important factors, including: market conditions
that may affect the timing, terms and conditions of the offering,
our ability to satisfy the conditions to closing of the offering
and other matters affecting our ability to consummate the offering
on terms acceptable to us. Moleculin Biotech has attempted to
identify forward-looking statements by terminology including
''believes,'' ''estimates,'' ''anticipates,'' ''expects,''
''plans,'' ''projects,'' ''intends,'' ''potential,'' ''may,''
''could,'' ''might,'' ''will,'' ''should,'' ''approximately'' or
other words that convey uncertainty of future events or outcomes to
identify these forward-looking statements. These statements are
only predictions and involve known and unknown risks,
uncertainties, and other factors, including those discussed under
Item 1A. "Risk Factors" in our most recently filed Form 10-K filed
with the Securities and Exchange Commission ("SEC") and updated
from time to time in our Form 10-Q filings and in our other public
filings with the SEC. Any forward-looking statements
contained in this release speak only as of its date. We undertake
no obligation to update any forward-looking statements contained in
this release to reflect events or circumstances occurring after its
date or to reflect the occurrence of unanticipated events.
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SOURCE Moleculin Biotech, Inc.