LAS VEGAS, Feb. 2, 2021 /PRNewswire/ -- JanOne Inc.
(Nasdaq: JAN), a company focused on developing treatments for
conditions that cause severe pain and drugs with non-addictive,
pain-relieving properties, today announced the closing of
previously announced its securities offering with gross proceeds of
$6.0 million. The registered direct
offering resulted in the sale by the company of an aggregate of
571,428 shares of common stock to certain institutional investors
at a purchase price of $10.50 per
share. The company intends to use the net proceeds from the
offering for working capital and general corporate purposes,
including the planning of clinical trials for JAN101, the company's
lead drug candidate.
"The successful closing of this offering is a testament to the
confidence that our investors have in our long-term growth strategy
and our pursuit in developing high-value assets for our proprietary
drug platform potentially to treat peripheral artery disease," said
Tony Isaac, President and Chief
Executive Officer of JanOne. "We thank our stockholders for their
trust in us, and we will continue to work tirelessly for them, our
team, and the medical community."
A.G.P./Alliance Global Partners acted as sole placement agent
for the offering.
The shares were offered pursuant to an effective shelf
registration statement on Form S-3 (File No. 333-251645)
previously filed with and declared effective by the U.S. Securities
and Exchange Commission (the "SEC"). A prospectus supplement
relating to the offering was filed with the SEC on February 2, 2021. Electronic copies of the
prospectus supplement, together with the accompanying prospectus,
can be obtained at the SEC's website at www.sec.gov or from
A.G.P./Alliance Global Partners, 590 Madison Avenue,
28th Floor, New York, New
York 10022 or by email at prospectus@allianceg.com.
The offering of shares of common stock was made only by means of a
prospectus supplement that forms a part of the registration
statement.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy 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 any such state or
jurisdiction.
About JanOne
JanOne (NASDAQ: JAN) is focused on developing treatments for
diseases that cause severe pain. By alleviating pain at the source,
JanOne aims to reduce the need for opioid prescriptions to treat
disease associated pain that can lead to opioid abuse. The company
is also exploring solutions for non-addictive pain medications. Its
lead candidate JAN101 is for treating peripheral artery disease
("PAD"), a condition that affects over 8.5 million Americans.
JAN101 demonstrated positive results in a Phase 2a clinical trial,
and Phase 2b trials are expected to begin in early 2021.
JanOne is dedicated to funding resources toward innovation,
technology, and education for PAD, associated vascular conditions
and neuropathic pain. JanOne continues to operate its legacy
businesses under their current brand names, which are undergoing
review to determine appropriate strategic alternatives. For more
information, visit www.janone.com.
Forward-Looking and Cautionary Statements
This press release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995. In accordance with the safe harbor provisions of this Act,
statements contained herein that look forward in time that include
everything other than historical information, including statements
relating to the potential treatment by the company of peripheral
artery disease. These forward-looking statements can be identified
by terminology such as "will," "aims," "expects," "anticipates,"
"future," "intends," "plans," "believes," "estimates" and similar
statements. JanOne may also make written or oral forward-looking
statements in its periodic reports to the U.S. Securities and
Exchange Commission (the "SEC") on Forms 10-K and 10-Q, Current
Reports on Form 8-K, in its annual report to stockholders, in press
releases, and other written materials and in oral statements made
by its officers, directors or employees to third parties. There can
be no assurance that such statements will prove to be accurate and
there are a number of important factors that could cause actual
results to differ materially from those expressed in any
forward-looking statements made by the company, including, but not
limited to, plans and objectives of management for future
operations or products, the market acceptance or future success of
our products, and our future financial performance. The company
cautions that these forward-looking statements are further
qualified by other factors including, but not limited to, those set
forth in the company's Annual Report on Form 10-K for the fiscal
year ended December 28, 2019 and other SEC filings
(available at http://www.sec.gov). JanOne undertakes no
obligation to publicly update or revise any statements in this
release, whether as a result of new information, future events, or
otherwise.
Investor Relations & Media
Contact
IR@Janone.com
1 (800) 400-2247
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SOURCE JanOne