Bone Biologics Announces Closing of $5,100,000 Underwritten Public Offering
October 12 2022 - 4:05PM
Business Wire
Bone Biologics Corporation (NASDAQ: BBLG), a developer of
orthobiologic products for spine fusion markets, today announced
the closing of its previously announced underwritten public
offering of units of securities for total gross proceeds of
$5,100,000, before deducting underwriting discounts and commissions
and other estimated offering expenses. The Company plans to use the
net proceeds to fund its planned clinical trials, maintain and
extend its patent portfolio, retain contract research
organizations, and for working capital and other general corporate
purposes.
The offering was comprised of 3,777,778 units of securities at
an offering price of $1.35 per unit, each unit consisting of: (i)
one share of common stock; (ii) one Series A warrant to purchase
one share of common stock at an exercise price equal to $1.62 per
share; (iii) one Series B warrant to purchase one share of common
stock at an exercise price equal to $1.35 per share; and (iv) one
Series C warrant, to purchase one share of common stock at an
exercise price equal to $2.16 per share. The Series C warrant can
be exercised via cashless exercise upon the earlier of one (1) day
from the warrant issuance date or the time when $10 million of
volume is traded in the common shares. The shares of common stock
and the Purchase Warrants are immediately separable and will be
issued separately, but will be purchased together in this offering.
The warrants expire five years from the date of issuance.
In addition, Bone Biologics granted the underwriters a 45-day
option to purchase up to 566,666 additional shares of common stock
and/or 566,666 additional warrants, or any combination thereof, to
cover over-allotments in this offering, if any.
WallachBeth Capital, LLC acted as the sole book-running manager
for the offering.
This offering was made pursuant to an effective registration
statement on Form S-1 (No. 333-267588) previously filed with the
U.S. Securities and Exchange Commission (the "SEC") and declared
effective by the SEC on October 6, 2022. A final prospectus
describing the terms of the proposed offering was filed with the
SEC on October 11, 2022 and may be obtained via the SEC's website
at www.sec.gov or from WallachBeth Capital, LLC, via email at
cap-mkts@wallachbeth.com.
This press release does 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 that
state or jurisdiction.
About Bone Biologics
Bone Biologics was founded to pursue regenerative medicine for
bone. The Company is undertaking work with select strategic
partners that builds on the preclinical research of the Nell-1
protein. Bone Biologics is currently focusing its development
efforts for its bone graft substitute product on bone regeneration
in spinal fusion procedures, while additionally having rights to
trauma and osteoporosis applications. For more information, please
visit www.bonebiologics.com.
Forward-looking Statements
Certain statements contained in this press release, including,
without limitation, statements containing the words ‘'believes,''
"anticipates," "expects" and words of similar import, constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements involve both known and unknown risks and uncertainties.
The Company's actual results may differ materially from those
anticipated in its forward-looking statements as a result of a
number of factors, including those including the Company's ability
to develop our lead product NELL-1 and other proposed products, its
ability to obtain patent protection for its technology, its ability
to obtain the necessary financing to develop products and conduct
the necessary clinical testing, its ability to obtain Federal Food
and Drug Administration approval to market any product it may
develop in the United States and to obtain any other regulatory
approval necessary to market any product in other countries, its
ability to market any product it may develop, its ability to
create, sustain, manage or forecast its growth; its ability to
attract and retain key personnel; changes in the Company's business
strategy or development plans; competition; business disruptions;
adverse publicity and international, national and local general
economic and market conditions and risks generally associated with
an undercapitalized developing company, as well as the risks
contained under "Risk Factors" and "Management's Discussion and
Analysis of Financial Condition and Results of Operations" in the
Company's Form S-1, Form 10-K for the year ended December 31, 2021
and the Company's other filings with the Securities and Exchange
Commission. Except as required by applicable law, we undertake no
obligation to revise or update any forward-looking statements to
reflect any event or circumstance that may arise after the date
hereof.
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version on businesswire.com: https://www.businesswire.com/news/home/20221012005942/en/
LHA Investor Relations Kim Sutton Golodetz 212-838-3777
kgolodetz@lhai.com
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