HOLLISTON, Mass., Feb. 16, 2017 /PRNewswire/ -- Biostage, Inc.
(Nasdaq: BSTG), ("Biostage" or the "Company"), a biotechnology
company developing bioengineered organ implants to treat cancers
and other life-threatening conditions of the esophagus, bronchus
and trachea, announced today the closing on February 15, 2017 of its previously announced
public offering of 20,000,000 shares of common stock and warrants
to purchase 20,000,000 shares of common stock, for total gross
proceeds of $8.0 million. The
offering was priced at $0.40 per
share of common stock, with each share of common stock sold with
one five-year warrant to purchase one share of common stock, at an
exercise price of $0.40 per
share.
Rodman & Renshaw, a unit of H.C.
Wainwright & Co., acted as exclusive placement agent for
the offering.
The securities were offered pursuant to a registration statement
on Form S-1 (File No. 333-215410) previously filed with the
Securities and Exchange Commission (the "SEC") and declared
effective on February 9, 2017.
The securities may be offered only by means of a prospectus. The
final prospectus related to the offering has been filed with the
SEC. Copies of the final prospectus may be obtained at the
SEC's website located at http://www.sec.gov, and may also be
obtained from H.C. Wainwright &
Co., LLC by calling (646) 975-6996 or emailing
placements@hcwco.com.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor may 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 Biostage
Biostage is a biotechnology company
developing bioengineered organ implants based on the company's new
Cellframe™ technology which combines a proprietary
biocompatible scaffold with a patient's own stem cells to create
Cellspan™ organ implants. Cellspan implants are being
developed to treat life-threatening conditions of the esophagus,
bronchus or trachea with the hope of dramatically improving the
treatment paradigm for patients. Based on its preclinical data,
Biostage has selected life-threatening conditions of the esophagus
as the initial clinical application of its technology.
Cellspan implants are currently being advanced and tested in
collaborative preclinical studies. Preclinical, large-animal safety
studies, conducted in compliance with the FDA Good Laboratory
Practice (GLP) regulations, for the Company's Cellspan Esophageal
Implant product candidate are ongoing, in support of Biostage's
goal of filing an Investigational New Drug (IND) application with
the U.S. FDA in the third quarter of 2017. The IND will seek
approval to initiate clinical trials for its esophageal implant
product candidate in humans.
Forward-Looking Statements:
Some of the statements in
this press release are "forward-looking" and are made pursuant to
the safe harbor provision of the Private Securities Litigation
Reform Act of 1995. These "forward-looking" statements in this
press release include, but are not limited to, statements relating
to the development expectations and regulatory approval of any of
our products, including those utilizing our Cellframe technology,
by the U.S. Food and Drug Administration, the European Medicines
Agency or otherwise, which expectations or approvals may not be
achieved or obtained on a timely basis or at all; or success with
respect to any collaborations, clinical trials and other
development and commercialization efforts of our products,
including those utilizing our Cellframe technology, which
such success may not be achieved or obtained on a timely basis or
at all. These statements involve risks and uncertainties that may
cause results to differ materially from the statements set forth in
this press release, including, among other things, market risks and
uncertainties, our ability to obtain and maintain regulatory
approval for our products; plus other factors described under the
heading "Item 1A. Risk Factors" in our Annual Report on Form 10-K
for the fiscal year ended December 31,
2015 or described in our other public filings. Our results
may also be affected by factors of which we are not currently
aware. The forward-looking statements in this press release speak
only as of the date of this press release. Biostage expressly
disclaims any obligation or undertaking to release publicly any
updates or revisions to such statements to reflect any change in
its expectations with regard thereto or any changes in the events,
conditions or circumstances on which any such statement is
based.
Investor Relations
Contacts:
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Tom
McNaughton
|
Jenene
Thomas
|
Chief Financial
Officer
|
Jenene Thomas
Communications LLC
|
774-233-7321
|
(908)
938-1475
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tmcnaughton@biostage.com
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jtc@jenenethomascommunications.com
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Media
Contacts:
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David Schull or
Maggie Beller
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Russo Partners
LLC
|
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212-845-4271 or
646-942-5631
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|
Email:
Maggie.beller@russopartnersllc.com
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SOURCE Biostage, Inc.