Bio-Path Holdings, Inc. Announces $1.2 Million Registered Direct Offering Priced At-the-Market Under Nasdaq Rules
18 Abril 2024 - 12:57PM
Bio-Path Holdings, Inc., (Nasdaq: BPTH) (the “Company” or
“Bio-Path”), a biotechnology company leveraging its proprietary
DNAbilize® antisense RNAi nanoparticle technology to develop a
portfolio of targeted nucleic acid cancer drugs, today announced
that it has entered into a definitive agreement with certain
institutional investors for the issuance and sale of 375,000 shares
of its common stock at a purchase price per share of $3.225 in a
registered direct offering priced at-the-market under Nasdaq rules.
Additionally, in a concurrent private placement, Bio-Path has also
agreed to issue to such investors unregistered warrants to purchase
up to 375,000 shares of common stock at an exercise price of $3.10
per share. The unregistered warrants to be issued in the private
placement will become immediately exercisable upon issuance and
will expire five years from the date of issuance. The offering is
expected to close on or about April 19, 2024, subject to the
satisfaction of customary closing conditions.
Immediately prior to the registered direct
offering and the concurrent private placement, the number of
outstanding shares of common stock of the Company was 1,190,306.
Immediately following the closing of the registered direct offering
and the concurrent private placement, the number of outstanding
shares of common stock of the Company will be 1,565,306.
H.C. Wainwright & Co., LLC is acting as the
exclusive placement agent for the offering.
The gross proceeds to Bio-Path from the offering
are expected to be approximately $1.2 million, before deducting the
placement agent’s fees and other offering expenses payable by
Bio-Path. Bio-Path currently intends to use the net proceeds from
the offering for working capital and general corporate
purposes.
The shares of common stock (or common stock
equivalents) offered in the registered direct offering (but
excluding the unregistered warrants or the shares of common stock
underlying such unregistered warrants) described above are being
offered and sold by Bio-Path pursuant to a “shelf” registration
statement on Form S-3 (Registration No. 333-265282), including a
base prospectus, previously filed with the Securities and Exchange
Commission (“SEC”) on May 27, 2022, and declared effective by the
SEC on June 14, 2022. The offering of the shares of common stock
(or common stock equivalents) are being made only by means of a
prospectus, including a prospectus supplement, forming a part of
the effective registration statement. A final prospectus supplement
and an accompanying base prospectus relating to, and describing the
terms of, the registered direct offering will be filed with the SEC
and will be available on the SEC's website located at
http://www.sec.gov. Electronic copies of the prospectus supplement
and accompanying base prospectus relating to the registered direct
offering, when available, may also be obtained from H.C. Wainwright
& Co., LLC at 430 Park Ave., New York, New York 10022, by
telephone at (212) 856-5711, or by email at
placements@hcwco.com.
The offer and sale of the unregistered warrants
are being 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 and the
underlying shares of common stock may not be reoffered or resold 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 the solicitation of an offer to buy these securities,
nor shall there be any sale of these securities in any jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities laws of
any such jurisdiction.
About Bio-Path
Holdings, Inc.
Bio-Path is a biotechnology company developing
DNAbilize®, a novel technology that has yielded a pipeline of RNAi
nanoparticle drugs that can be administered with a simple
intravenous transfusion. Bio-Path’s lead product candidate,
prexigebersen (BP1001, targeting the Grb2 protein), is in a Phase 2
study for blood cancers, and BP1001-A, a drug product modification
of prexigebersen, is in a Phase 1/1b study for solid tumors. The
Company’s second product, BP1002, which targets the Bcl-2 protein,
is being evaluated for the treatment of blood cancers and solid
tumors, including lymphoma and acute myeloid leukemia. In addition,
an IND is expected to be filed for BP1003, a novel
liposome-incorporated STAT3 antisense oligodeoxynucleotide
developed by Bio-Path as a specific inhibitor of STAT3.
For more information, please visit the Company's
website at http://www.biopathholdings.com
Forward-Looking
Statements
This press release contains forward-looking
statements that are made pursuant to the safe harbor provisions of
the federal securities laws, including statements related to the
completion of the offering, the satisfaction of customary closing
conditions related to the offering and the intended use of proceeds
therefrom. These statements are based on management's current
expectations and accordingly are subject to uncertainty and changes
in circumstances. Any express or implied statements contained in
this press release that are not statements of historical fact may
be deemed to be forward-looking statements. Any statements that are
not historical facts contained in this release are forward-looking
statements that involve risks and uncertainties, including
Bio-Path’s ability to regain and maintain compliance with Nasdaq’s
continued listing requirements, Bio-Path’s ability to raise needed
additional capital on a timely basis in order for it to continue
its operations, have success in the clinical development of its
technologies, the timing of enrollment and release of data in such
clinical studies, the accuracy of such data, limited patient
populations of early stage clinical studies and the possibility
that results from later stage clinical trials with much larger
patient populations may not be consistent with earlier stage
clinical trials, the maintenance of intellectual property rights,
that patents relating to existing or future patent applications
will be issued or that any issued patents will provide meaningful
protection of our drug candidates, the impact, risks and
uncertainties related to global pandemics, including the COVID-19
pandemic, and actions taken by governmental authorities or others
in connection therewith, and such other risks which are identified
in Bio-Path's most recent Annual Report on Form 10- K, in any
subsequent quarterly reports on Form 10-Q and in other reports that
Bio-Path files with the Securities and Exchange Commission from
time to time. These documents are available on request from
Bio-Path Holdings or at www.sec.gov. Bio-Path disclaims any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
Contact Information:
Investors
Will O’ConnorStern Investor
Relations212-362-1200will@sternir.com
Doug MorrisInvestor RelationsBio-Path Holdings, Inc.
832-742-1369
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