Bio-Path Holdings Announces $4M At-Market Private Placement Under Nasdaq Rules

13 June 2024

HOUSTON, June 4, 2024 - Bio-Path Holdings (NASDAQ: BPTH), a biotechnology company specializing in targeted nucleic acid cancer treatments, has disclosed a new definitive agreement. This agreement involves the issuance and sale of 1,809,955 shares of common stock, series A warrants, and short-term series B warrants in a private placement. The total purchase price is set at $2.21 per share of common stock, with the series A and series B warrants priced at $2.00 per share. 

The series A warrants will be active immediately and remain valid for five years, whereas the series B warrants will expire 24 months from issuance. The private placement is expected to close around June 5, 2024, subject to standard closing conditions. H.C. Wainwright & Co. is serving as the exclusive placement agent for this offering, and Bio-Path anticipates gross proceeds of approximately $4.0 million before deducting fees and expenses.

Bio-Path plans to use the net proceeds from this transaction for general corporate purposes and working capital. The offered securities are part of a private placement under Section 4(a)(2) of the Securities Act of 1933 and/or Regulation D. They are not registered and thus cannot be offered or sold in the U.S. without an effective registration statement or suitable exemption.

Bio-Path Holdings focuses on using DNAbilize®, a liposomal delivery and antisense technology, for developing RNAi nanoparticle drugs. Their lead candidate, prexigebersen (BP1001), is undergoing Phase 2 trials for blood cancers. Additionally, BP1001-A, a modified version of prexigebersen, is in Phase 1/1b trials for solid tumors.

The company's second candidate, BP1002, targets the Bcl-2 protein and is being tested for blood cancers and solid tumors, including lymphoma and acute myeloid leukemia. Bio-Path also plans to file an IND application for BP1003, a liposome-incorporated STAT3 antisense oligodeoxynucleotide designed to inhibit STAT3.

This release also includes forward-looking statements as defined by federal securities laws. These statements, based on current expectations, involve uncertainties and risks. Factors such as market conditions, compliance with Nasdaq listing requirements, clinical development success, and intellectual property rights could impact the company's performance. For a detailed list of risks, refer to Bio-Path's recent reports filed with the Securities and Exchange Commission (SEC).

Bio-Path remains committed to advancing its innovative cancer treatments, and this new financial agreement is a key step in supporting its ongoing research and development efforts.

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