HOUSTON, Feb. 6, 2020 /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 up to 7,500,000 shares and
warrants to purchase 5,625,000 shares of common stock at a combined
public offering price of $0.80 per
share and related warrant in a registered direct offering.
Each warrant will have an exercise price of $1.05 per share and is exercisable six months and
one day after issuance. The warrants will expire five years from
the date they first become exercisable. The shares of common stock
and the related warrants 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 February 10, 2020, subject to
customary closing conditions.
The gross proceeds of the offering are expected to be
$6.0 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 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, under
investigation for brain tumors, pancreatic cancer and hematologic
malignancies; and WP1220, an analog to WP1066, being developed for
the topical treatment of cutaneous T-cell lymphoma. Moleculin 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.
Contacts
James Salierno
/ Carol Ruth
The Ruth Group
646-536-7028 /
7000
jsalierno@theruthgroup.com
cruth@theruthgroup.com
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SOURCE Moleculin Biotech, Inc.