BioRestorative Therapies Announces $2.1 Million Registered Direct Offering
July 11 2023 - 8:30AM
BioRestorative Therapies, Inc. (“BioRestorative”, “BRTX” or the
“Company”) (NASDAQ: BRTX), a clinical stage company focused on stem
cell-based therapies, today announced it has entered into a
definitive agreement with several accredited and institutional
investors for the sale of 685,033 shares of the Company’s common
stock at an offering price of $3.03 per share in a registered
direct offering. The gross proceeds of the offering will be
approximately $2.1 million, before deducting placement agent fees
and other estimated offering expenses. The closing of the offering
is expected to take place on or about July 13, 2023, subject to the
satisfaction of customary closing conditions.
The Company intends to use the net proceeds of
the offering in connection with its clinical trials with respect to
its lead cell therapy candidate, BRTX-100, pre-clinical research
and development with respect to its metabolic ThermoStem Program
and for general corporate purposes and working capital.
Titan Partners Group, a division of American
Capital Partners, LLC, is acting as sole placement agent for the
offering.
The shares in the offering are being offered by
the Company pursuant to a shelf registration statement on Form S-3
(File No. 333-269631) previously filed with the U.S. Securities and
Exchange Commission (the “SEC”) and declared effective by the SEC
on February 14, 2023. The offering is being made only by means of a
prospectus, including a prospectus supplement, forming a part of
the effective registration statement, relating to the offering,
which will be filed with the SEC and will be available on the SEC’s
website located at http://www.sec.gov. Electronic copies of the
final prospectus supplement and accompanying prospectus may also be
obtained, when available, from Titan Partners Group, a division of
American Capital Partners, LLC, 7 World Trade Center, 46th Floor,
New York, NY 10007, Telephone: (929) 833-1246; Email:
info@titanpartnersgrp.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 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 BioRestorative Therapies, Inc.
BioRestorative Therapies, Inc.
(www.biorestorative.com) develops therapeutic products using cell
and tissue protocols, primarily involving adult stem cells. Our two
core programs, as described below, relate to the treatment of
disc/spine disease and metabolic disorders:
• Disc/Spine Program (brtxDISC™): Our lead cell
therapy candidate, BRTX-100, is a product formulated from
autologous (or a person’s own) cultured mesenchymal stem cells
collected from the patient’s bone marrow. We intend that the
product will be used for the non-surgical treatment of painful
lumbosacral disc disorders or as a complementary therapeutic to a
surgical procedure. The BRTX-100 production process utilizes
proprietary technology and involves collecting a patient’s bone
marrow, isolating and culturing stem cells from the bone marrow and
cryopreserving the cells. In an outpatient procedure, BRTX-100 is
to be injected by a physician into the patient’s damaged disc. The
treatment is intended for patients whose pain has not been
alleviated by non-invasive procedures and who potentially face the
prospect of surgery. We have commenced a Phase 2 clinical trial
using BRTX-100 to treat chronic lower back pain arising from
degenerative disc disease. We are also investigating the expansion
of the clinical application of BRTX-100 to other indications within
the body.
• Metabolic Program (ThermoStem®): We are
developing a cell-based therapy candidate to target obesity and
metabolic disorders using brown adipose (fat) derived stem cells to
generate brown adipose tissue (“BAT”). BAT is intended to mimic
naturally occurring brown adipose depots that regulate metabolic
homeostasis in humans. Initial preclinical research indicates that
increased amounts of brown fat in animals may be responsible for
additional caloric burning as well as reduced glucose and lipid
levels. Researchers have found that people with higher levels of
brown fat may have a reduced risk for obesity and diabetes.
Forward-Looking Statements
This press release contains "forward-looking
statements" within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended, and such forward-looking statements are made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. The words “believe,” “look forward
to,” “may,” “estimate,” “continue,” “anticipate,” “intend,”
“should,” “plan,” “could,” “target,” “potential,” “is likely,”
“will,” “expect” and similar expressions, as they relate to us, are
intended to identify forward-looking statements. Forward-looking
statements in this press release include, but are not limited to,
statements regarding the anticipated closing of the offering and
the intended use of proceeds. You are cautioned that such
statements are subject to a multitude of risks and uncertainties
that could cause future circumstances, events or results to differ
materially from those projected in the forward-looking statements
as a result of various factors and other risks, including, without
limitation, those set forth in the Company's latest Form 10-K filed
with the Securities and Exchange Commission. You should consider
these factors in evaluating the forward-looking statements included
herein, and not place undue reliance on such statements. The
forward-looking statements in this release are made as of the date
hereof and the Company undertakes no obligation to update such
statements.
Investor Contact:
Email: ir@biorestorative.com
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