Hillstream BioPharma Announces Share Repurchase Program
June 13 2022 - 8:00AM
Hillstream BioPharma, Inc. (Nasdaq: HILS) (“Hillstream”, the
“Company”), a biotechnology company developing novel therapeutic
candidates targeting ferroptosis, an emerging new anti-cancer
mechanism resulting in iron mediated cell death for drug resistant
and devastating cancers, today announced that its Board of
Directors has authorized a share repurchase program to acquire up
to $1 million of the Company's common stock. The Company may
purchase common stock on the open market, through privately
negotiated transactions, or otherwise, in compliance with the rules
of the United States Securities and Exchange Commission and other
applicable legal requirements. As of March 31, 2022, Hillstream had
approximately $11.1 million in cash and 11.4 million shares of
common stock outstanding.
“We have demonstrated strong execution and as a result have seen
significant advancement of our pipeline,” said Randy Milby,
Hillstream’s Chief Executive Officer. The current market situation
allows us to capture additional value for all investors through
this measured buyback program. Our interests have always been, and
continue to be aligned with our shareholders.”
Share Repurchase ProgramThe timing, amount of
shares repurchased and prices paid for the stock under this program
will depend on market conditions as well as corporate and
regulatory limitations, including blackout period restrictions. The
repurchase program does not obligate the Company to acquire any
particular amount of shares, and the repurchase program may be
suspended or discontinued at any time at the Company's
discretion.
About Hillstream BioPharma Inc.Hillstream
BioPharma, Inc. is a biotechnology company developing novel
therapeutic candidates targeting ferroptosis, an emerging new
anti-cancer mechanism resulting in iron mediated cell death for
drug resistant and devastating cancers. Hillstream’s most advanced
candidate is HSB-1216, an IMCD modulator, targeting a variety of
solid tumors. The active drug in HSB-1216 was found to be
efficacious in a clinical pilot study in Germany in devastating
cancers, including triple negative breast cancer and epithelial
carcinomas. Hillstream intends to start a clinical study with
HSB-1216 in 2022 to expand upon the existing early clinical
proof-of-concept. Hillstream uses Quatramer™, our proprietary tumor
targeting platform, to enhance the uptake of HSB-1216 in the tumor
microenvironment with an extended duration of action and minimal
off-target toxicity. In addition, Trident Artificial Intelligence,
Hillstream’s artificial intelligence precision medicine platform,
is used to identify biomarkers in our clinical programs to target a
specific patient segment most likely to benefit. For more
information, please visit www.hillstreambio.com.
Forward Looking StatementsCertain statements in
this press release are forward-looking within the meaning of the
Private Securities Litigation Reform Act of 1995. These statements
may be identified using words such as “anticipate,” “believe,”
“forecast,” “estimated” and “intend” or other similar terms or
expressions that concern Hillstream’s expectations, strategy, plans
or intentions. These forward-looking statements are based on
Hillstream’s current expectations and actual results could differ
materially. There are several factors that could cause actual
events to differ materially from those indicated by such
forward-looking statements. These factors include, but are not
limited to, clinical trials involve a lengthy and expensive process
with an uncertain outcome, and results of earlier studies and
trials may not be predictive of future trial results; our clinical
trials may be suspended or discontinued due to unexpected side
effects or other safety risks that could preclude approval of our
product candidates; risks related to business interruptions,
including the outbreak of COVID-19 coronavirus, which could
seriously harm our financial condition and increase our costs and
expenses; dependence on key personnel; substantial competition;
uncertainties of patent protection and litigation; dependence upon
third parties; and risks related to failure to obtain FDA
clearances or approvals and noncompliance with FDA regulations.
Investors should read the risk factors set forth in our Form 10-K
for the year ended December 31, 2021 and our periodic reports filed
with the Securities and Exchange Commission. While the list of
factors presented here is considered representative, no such list
should be considered to be a complete statement of all potential
risks and uncertainties. Unlisted factors may present significant
additional obstacles to the realization of forward-looking
statements. Forward-looking statements included herein are made as
of the date hereof, and Hillstream does not undertake any
obligation to update publicly such statements to reflect subsequent
events or circumstances.
Investor Relations Contact:Email:
investorrelations@hillstreambio.comwww.hillstreambio.com
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