Plus Therapeutics, Inc. Announces Closing of $15 Million Underwritten Public Offering
Plus Therapeutics, Inc. (Nasdaq: PSTV) (the “Company”) today
announced the closing of its previously announced underwritten
public offering (the “Offering”) of 3,000,000 units, each unit
consisting of one share of common stock (or a common stock
equivalent) and one Series U Warrant to purchase one share of
common stock at a public offering price of $5.00 per unit.
The shares of common stock (or common stock equivalents) and
warrants comprising the units were immediately separable and were
issued separately, but were purchased together. The Series U
Warrants have an exercise price of $5.00 per share, are immediately
exercisable and will expire 5 years from the date of issuance.
In addition, the underwriter has exercised its option to
purchase additional Series U Warrants to purchase up to 450,000
shares of common stock. The Company has also granted the
underwriter a 45-day option to purchase up to an additional 450,000
shares of common stock.
H.C. Wainwright & Co. acted as the sole book-running manager
for the Offering.
The gross proceeds of the Offering are approximately $15
million, prior to deducting underwriting discounts and commissions
and estimated offering expenses and excluding the exercise of any
Series U Warrants and the underwriter’s option to purchase
additional securities. In addition, in the event the Series U
Warrants are exercised in full, including the Series U Warrants
issued upon partial exercise of the underwriter’s option to
purchase additional securities, the Company expects to receive
approximately $17.25 million in additional gross proceeds.
However, there can be no assurance that all or a portion of
the Series U Warrants will be exercised prior to their
The Company intends to use the net proceeds from this Offering
for working capital, payment of interest on its debt and general
corporate purposes, which may include research and development of
its oncology product pipeline, preclinical and clinical trials and
studies, regulatory submissions, expansion of its sales and
marketing organizations and efforts, intellectual property
protection and enforcement and capital expenditures.
A registration statement on Form S-1 (File No. 333-229485)
relating to these securities was declared effective by the U.S.
Securities and Exchange Commission (the “SEC”) on September 23,
2019. This Offering was made only by means of a prospectus
forming part of the effective registration statement. A final
prospectus relating to and describing the terms of the Offering has
been filed with the SEC and copies may be obtained for free by
visiting the SEC’s website at www.sec.gov or by contacting H.C.
Wainwright & Co., LLC, 430 Park Avenue, 3rd Floor, New York,
New York 10022, by email at firstname.lastname@example.org or by telephone at
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 other 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 other jurisdiction.
About Plus Therapeutics, Inc.
Plus Therapeutics, Inc. is a clinical-stage pharmaceutical
company focused on the discovery, development, and manufacturing
scale up of complex and innovative treatments for patients battling
cancer and other life-threatening diseases.
Our proprietary nanotechnology platform is currently centered
around the enhanced delivery of a variety of drugs using novel
liposomal encapsulation technology. Liposomal encapsulation has
been extensively explored and undergone significant technical and
commercial advances since it was first developed. Our
platform is designed to facilitate new delivery approaches and/or
formulations of safe and effective, injectable drugs, potentially
enhancing the safety, efficacy and convenience for patients and
Our lead product candidate, DocePLUS, is a protein-stabilized
PEGylated liposomal formulation of docetaxel, for which the process
of preparation is patented. The active pharmaceutical
ingredient, docetaxel, was approved by the FDA in 1999 and commonly
used for treating cancers of the breast, head, neck, stomach,
prostate, and lung.
Cautionary Statement Regarding Forward-Looking
This press release contains certain statements that may be
deemed “forward-looking statements” within the meaning of U.S.
securities laws. All statements, other than statements of
historical fact, that address activities, events or developments
that we intend, expect, project, believe or anticipate and similar
expressions or future conditional verbs such as will, should,
would, could or may occur in the future are forward-looking
statements. Such statements are based upon certain
assumptions and assessments made by our management in light of
their experience and their perception of historical trends, current
conditions, expected future developments and other factors they
believe to be appropriate. These statements include, without
limitation, statements about the potential use of proceeds of the
Offering and the Company’s potential to facilitate new delivery
approaches and/or formulations of safe and effective, injectable
drugs, potentially enhancing the safety, efficacy and convenience
for patients and healthcare providers. The forward-looking
statements included in this press release are subject to a number
of additional material risks and uncertainties, including but not
limited to risks and uncertainties associated with market
conditions, and the risks described under the heading “Risk
Factors” in the Company’s SEC filings, including the Company’s
annual and quarterly reports. There may be events in the
future that the Company is unable to predict, or over which it has
no control, and its business, financial condition, results of
operations and prospects may change in the future. The
Company assumes no responsibility to update or revise any
forward-looking statements to reflect events, trends or
circumstances after the date they are made unless the Company has
an obligation under U.S. federal securities laws to do so.
Plus Therapeutics, Inc.Russ HavranekVP –
Marketing, Portfolio Management, Investor RelationsPhone:
Source: Plus Therapeutics, Inc.
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