Better Therapeutics Announces $6.5MM Private Placement
April 06 2023 - 8:17AM
Business Wire
Better Therapeutics, Inc. (NASDAQ: BTTX), a prescription digital
therapeutics (PDT) company developing a clinically validated,
software-based, novel form of cognitive behavioral therapy (CBT) to
address the root causes of cardiometabolic diseases, today
announced a private placement of 7,878,786 shares of the Company's
common stock at a price of $0.825 per share, which was the closing
price of the Company’s common stock on the Nasdaq Capital Market on
April 5, 2023, for gross proceeds of approximately $6.5 million,
before deducting offering expenses payable by Better Therapeutics.
There was strong participation in the financing from certain
officers and directors of the Company.
Better Therapeutics intends to use the net proceeds from the
private placement to support the execution of key milestones.
Combined with recent expense reductions, this financing is expected
to extend the Company’s runway through the date of potential FDA
marketing authorization of BT-001 and the completion of other
strategic initiatives. This financing is one element of the
three-tiered strategy discussed on the Company’s most recent
earnings call.
The private placement is expected to close on or about April 10,
2023, subject to the satisfaction of customary closing
conditions.
Chardan and Brookline Capital Markets, a division of Arcadia
Securities, LLC, are acting as co-placement agents for the private
placement.
The securities are being sold in a private placement and have
not been registered under the Securities Act of 1933, as amended,
and may not be offered or sold in the United States absent
registration or an applicable exemption from registration
requirements. The Company has agreed to file a resale registration
statement with the Securities and Exchange Commission (the “SEC”),
for purposes of registering the resale of the shares of common
stock issued in connection with the offering.
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 any
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 Better Therapeutics
Better Therapeutics is a prescription digital therapeutics (PDT)
company developing a novel form of cognitive behavioral therapy
(CBT) to address the root causes of cardiometabolic diseases. The
company has developed a proprietary platform for the development of
FDA-regulated, software-based solutions for treating
cardiometabolic conditions. The CBT delivered by Better
Therapeutics’ PDT is designed to enable changes in neural pathways
of the brain so lasting changes in behavior become possible.
Addressing the underlying causes of these diseases has the
potential to dramatically improve patient health while lowering
healthcare costs. Better Therapeutics’ clinically validated mobile
applications, if authorized for marketing, are intended to be
prescribed by physicians and reimbursed like traditional medicines.
For more information visit: bettertx.com
About BT-001
BT-001 is Better Therapeutics’ investigational prescription
digital therapy for the treatment of T2D. The investigational
therapy is delivered via software that provides a tailored
experience to patients designed to help them address the underlying
causes of T2D by making meaningful, sustainable behavioral changes.
The BT-001 investigational therapy is rooted in the well-studied,
gold standard of behavioral modification therapies, cognitive
behavioral therapy (CBT). While in-person CBT has been used for T2D
and other cardiometabolic conditions before, until now the approach
has not been scalable due to the need to deliver the therapy via a
therapist. If authorized by FDA, BT-001 would be the first
validated, prescription solution for delivering this therapeutic
approach to T2D patients at scale, from their digital devices.
Forward-Looking Statements
Certain statements made in this press release and related
comments in our earnings conference call are "forward-looking
statements" within the meaning of the safe harbor provisions under
the United States Private Securities Litigation Reform Act of 1995.
Forward-looking statements are typically identified by words such
as “plan,” “believe,” “expect,” “anticipate,” “intend,” “outlook,”
“estimate,” “forecast,” “project,” “continue,” “could,” “may,”
“might,” “possible,” “potential,” “predict,” “should,” “would” and
other similar words and expressions, but the absence of these words
does not mean that a statement is not forward-looking. The
forward-looking statements in this press release include, but are
not limited to, statements regarding the anticipated timing of and
Better Therapeutics’ ability to close the private placement in a
timely fashion, the use of proceeds from the private placement and
expectations regarding Better Therapeutics’ cash runway, the
potential for FDA authorization of BT-001 in T2D and the completion
of other strategic initiatives, among others. These forward-looking
statements are based on the current expectations of the management
of Better Therapeutics and are inherently subject to uncertainties
and changes in circumstances and their potential effects and speak
only as of the date of such statement. There can be no assurance
that future developments will be those that have been anticipated.
These forward-looking statements involve a number of risks,
uncertainties or other assumptions that may cause actual results or
performance to be materially different from those expressed or
implied by these forward-looking statements including: risks
related to Better Therapeutics’ business, such as the willingness
of the FDA to authorize PDTs, including BT-001, for commercial
distribution and insurance companies to reimburse their use, market
acceptance of PDTs, including BT-001, the risk that the results of
previously conducted studies will not be interpreted favorably by
the FDA or repeated or observed in ongoing or future studies
involving our product candidates and other risks and uncertainties
included under the header “Risk Factors” in Better Therapeutics’
annual report on Form 10-K for the year ended December 31, 2022
filed with the SEC on March 30, 2023, and those that are included
in any of Better Therapeutics’ subsequent filings with the SEC.
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version on businesswire.com: https://www.businesswire.com/news/home/20230406005259/en/
Investor Relations: Mark Heinen IR@bettertx.com
Media Enquiries: Emma Williams
emma.williams@bettertx.com
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