CohBar Announces Pricing of $15.0 Million Public Offering of Common Stock and Warrants
October 28 2021 - 8:45AM
CohBar, Inc. (NASDAQ: CWBR) (the “Company”), a clinical stage
biotechnology company developing mitochondria based therapeutics to
treat chronic diseases and extend healthy lifespan, today announced
the pricing of an underwritten public offering of 20,833,334 shares
of the Company’s common stock and accompanying warrants to purchase
20,833,334 shares of common stock at a price to the public of $0.72
per share and accompanying warrant. Each warrant will have an
exercise price of $0.72 per share and be exercisable for 5 years
from the closing date of the offering. The aggregate gross proceeds
from this offering are expected to be approximately $15.0 million,
before deducting underwriting discounts and commissions and
estimated offering expenses payable by the Company. The offering is
expected to close on or about November 1, 2021, subject to
customary closing conditions.
Cantor Fitzgerald & Co. is acting as sole
book-running manager for the offering. Brookline Capital Markets, a
division of Arcadia Securities, LLC, is acting as co-manager.
CohBar intends to use the net proceeds from the
offering, together with its existing cash resources, for general
corporate purposes, which may include funding preclinical and
clinical development of its peptides, increasing working capital,
operating expenses and capital expenditures.
The securities will be issued pursuant to an
effective shelf registration statement filed with
the Securities and Exchange Commission (SEC)
on August 24, 2020. A final prospectus supplement and
accompanying prospectus relating to the offering will be filed with
the SEC and will be available on the SEC’s website
at www.sec.gov. When available, copies of the prospectus
supplement, together with the accompanying prospectus, can be
obtained at the SEC’s website at www.sec.gov or from Cantor
Fitzgerald & Co., Attn: Capital Markets, 499 Park Ave., 4th
Floor, New York, New York 10022, or by e-mail at
prospectus@cantor.com.
This press release does not and shall not
constitute an offer to sell or the solicitation of an offer to buy
any securities, nor shall there be any sale of these securities in
any state or other 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 other jurisdiction.
Any offer, if at all, will be made only by means of a prospectus,
including a prospectus supplement, forming a part of the effective
registration statement.
About CohBar
CohBar (NASDAQ: CWBR) is a clinical stage biotechnology company
focused on the research and development of mitochondria based
therapeutics, an emerging class of drugs for the treatment of
chronic and age-related diseases. Mitochondria based therapeutics
originate from the discovery by CohBar’s founders of a novel group
of naturally occurring peptide sequences within the mitochondrial
genome, some of which have been shown to have the potential to
regulate key processes in multiple systems and organs in the body.
To date, the company has discovered more than 100 mitochondrial
derived peptides and generated over 1,000 analogs. CohBar’s efforts
focus on the development of these peptides into therapeutics that
offer the potential to address a broad range of diseases associated
with the underlying impact of mitochondrial dysfunction. The
company’s lead compound, CB4211, which is under development for the
treatment of NASH and obesity, recently completed a successful
Phase 1a/1b clinical trial. In addition, CohBar has four
preclinical programs, the most advanced of which is CB5138-3, a
peptide with broad anti-fibrotic and anti-inflammatory properties.
This program is currently in IND-enabling studies with the goal of
filing an IND and initiating a First-in-Human study in 2022 with an
initial indication of idiopathic pulmonary fibrosis. The company
also has a program in ARDS, including COVID-19 associated ARDS, as
well as two peptide families with potential utility in treating
various forms of cancer.
Forward-Looking Statements
Certain of the statements made in this press release are forward
looking, such as those, among others, relating to CohBar’s
expectations regarding the completion, timing and size of the
proposed offering. Actual results or developments may differ
materially from those projected or implied in these forward-looking
statements. Factors that may cause such a difference include,
without limitation, risks and uncertainties related to the expected
gross proceeds and use of proceeds, satisfaction of the closing
conditions and CohBar’s ability to complete the public offering.
There can be no assurance that CohBar will be able to complete the
public offering on the anticipated terms, or at all. You should not
place undue reliance on these forward-looking statements, which
apply only as of the date of this press release. Additional risks
and uncertainties relating to the proposed public offering, CohBar
and its business can be found under the heading “Risk Factors” in
CohBar’s Quarterly Report on Form 10-Q for the quarter ended June
30, 2021, and other filings with the SEC, and in the preliminary
prospectus supplement related to the proposed public offering to be
filed with the SEC on or about the date hereof. Except as otherwise
required by law, CohBar does not undertake any obligation to update
forward-looking statements and expressly disclaims any obligation
or undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change
in its expectations with regard thereto or any change in events,
conditions or circumstances on which any such statements are
based.
Contacts: Jordyn TaraziDirector of Investor
RelationsCohBar, Inc.(650) 445-4441jordyn.tarazi@cohbar.com
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