Bio-Path Holdings, Inc. Announces Closing of $1.2 Million Registered Direct Offering Priced At-the-Market Under Nasdaq Rules
April 19 2024 - 12:14PM
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
the closing of its previously announced registered direct offering
priced at-the-market under Nasdaq rules of an aggregate of 375,000
shares of its common stock at a purchase price of $3.225 per share
and concurrent private placement of unregistered warrants to
purchase up to an aggregate of 375,000 shares of common stock. The
warrants have an exercise price of $3.10 per share, are immediately
exercisable and will expire five years from the date of issuance.
H.C. Wainwright & Co. acted as the exclusive
placement agent for the offering.
The gross proceeds to Bio-Path from the offering
were 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 offered in the
registered direct offering (but excluding the unregistered warrants
or the shares of common stock underlying such unregistered
warrants) described above were 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 was made only
by means of a prospectus, including a prospectus supplement,
forming a part of the effective registration statement. A
prospectus supplement and an accompanying base prospectus relating
to, and describing the terms of, the registered direct offering
were filed with the SEC and are 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 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
issued in the concurrent private placement were 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
intended use of proceeds from the offering. 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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