Biotech company Bio-Path Holdings has priced a public offering of 3,500,000 common shares and accompanying stock purchase warrants at $0.60 per share, aiming to raise approximately $2.1 million. Each share comes with a warrant to purchase one additional share at $0.60 per share, valid for five years. The offering, set to close around August 7, 2023, will be managed by Roth Capital Partners. The funds will be used for general corporate purposes and working capital. The company has also agreed to amend certain existing warrants as part of the offering.
Bio-Path Holdings, Inc., (Nasdaq:BPTH) (“Bio-Path” or the “Company”), a biotechnology company leveraging its proprietary DNAbilize® antisense RNAi nanoparticle technology to develop a portfolio of targeted nucleic acid cancer drugs, today announced the pricing of a public offering of 3,500,000 shares of common stock, together with accompanying common stock purchase warrants, at a price to the public of $0.60 per share and accompanying common stock purchase warrant, for aggregate gross proceeds to the Company of approximately $2.1 million, before deducting the fees and estimated offering expenses payable by the Company. Each share of common stock is being sold in the offering together with a common stock purchase warrant to purchase one share of common stock at an exercise price of $0.60 per share. The common stock purchase warrants are exercisable immediately and will expire five years from the date of issuance. The offering is expected to close on or about August 7, 2023, subject to customary closing conditions.
Roth Capital Partners acted as the sole placement agent for the offering.
Bio-Path currently intends to use the net proceeds from the offering for working capital and general corporate purposes.
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A registration statement on Form S-1 (Registration No. 333-272879) relating to the public offering of the securities described above was filed with the Securities and Exchange Commission (“SEC”) and was declared effective on August 2, 2023. The offering is being made only by means of a prospectus forming part of the effective registration statement relating to the offering. A preliminary prospectus relating to the offering has been filed with the SEC. When available, copies of the final prospectus can be obtained from Roth Capital Partners, LLC, 888 San Clemente Drive, Suite 400, Newport Beach, CA 92660, Attn: Prospectus Department, telephone: 800-678-9147 or at the SEC’s website at http://www.sec.gov.
In connection with the offering, the Company has also agreed to amend certain existing warrants to purchase up to an aggregate of 800,000 shares of the Company’s common stock that were previously issued on November 9, 2022 at an exercise price of $2.85 per share, such that effective upon the closing of the offering, the amended warrants will have a reduced exercise price equal to $0.7593 per share.
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 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.
Source: BioSpace
