Bone Biologics Announces Closing of Registered Direct Offering Priced At-the-Market Under Nasdaq Rules
November 20 2023 - 12:38PM
Business Wire
Bone Biologics Corporation (NASDAQ: BBLG), a developer of
orthobiologic products for spine fusion markets, today announced
the closing of its previously announced registered direct offering
priced at-the-market under Nasdaq rules of an aggregate of
1,139,063 of its shares of common stock at a purchase price of
$0.64 per share. In a concurrent private placement, the Company
also issued and sold unregistered warrants to purchase up to an
aggregate of 1,139,063 shares of its common stock. The unregistered
warrants have an exercise price of $0.52 per share and are
exercisable upon issuance and have a term of five and one-half
years from the date of issuance.
H.C. Wainwright & Co. acted as the exclusive placement agent
for the offering.
The gross proceeds to Bone Biologics from the offering were
approximately $729,000, before deducting the placement agent’s fees
and other offering expenses payable by the Company. Bone Biologics
currently intends to use the net proceeds from the offering to fund
clinical trials, maintain and extend its patent portfolio and for
working capital and other general corporate purposes.
The shares of common stock offered in the registered direct
offering (but excluding the unregistered warrants offered in the
concurrent private placement and the shares of common stock
underlying such unregistered warrants) were offered and sold by the
Company pursuant to a “shelf” registration statement on Form S-3
(Registration No. 333-265872), including a base prospectus,
previously filed with the Securities and Exchange Commission (SEC)
on June 28, 2022 and declared effective by the SEC on July 11,
2022. The offering of the shares of common stock issued in the
registered direct offering was made only by means of a prospectus
supplement that forms a part of the registration statement. A final
prospectus supplement and an accompanying base prospectus relating
to the registered direct offering was filed with the SEC and is
available on the SEC’s website located at http://www.sec.gov.
Electronic copies of the final prospectus supplement and
accompanying base prospectus may also be obtained by contacting
H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New
York, NY 10022, by phone at (212) 856-5711 or e-mail at
placements@hcwco.com.
The offer and sale of the unregistered warrants in the private
placement were made in a transaction not involving a public
offering and have not been registered under Section 4(a)(2) of the
Securities Act of 1933, as amended (the “Securities Act”) and/or
Rule 506(b) of Regulation D promulgated thereunder and, along with
the shares of common stock underlying such unregistered warrants,
have not been registered under the Securities Act or applicable
state securities laws. Accordingly, the unregistered warrants
offered in the private placement and the underlying shares of
common stock may not be offered or sold in the United States except
pursuant to an effective registration statement or an applicable
exemption from the registration requirements of the Securities Act
and such applicable state securities laws.
This press release shall not constitute an offer to sell or a
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
the registration or qualification under the securities laws of any
such 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, the anticipated use of proceeds from the
offering, as well as 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, but not limited to, market and other
conditions and 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, 2022 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/20231120502345/en/
LHA Investor Relations Kim Sutton Golodetz 212-838-3777
kgolodetz@lhai.com
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