First Wave BioPharma to Raise $1.1 Million in Gross Proceeds Priced At-Market

BOCA RATON, Fla., May 10, 2024 – First Wave BioPharma, Inc. (NASDAQ: FWBI), a company focused on developing targeted therapies for gastrointestinal (GI) diseases, has entered into a definitive securities purchase agreement with an institutional investor. The agreement involves the sale of 366,000 shares of the company's common stock at $2.95 per share in a registered direct offering. Concurrently, the company will issue warrants for the purchase of another 732,000 shares of common stock at an exercise price of $2.70 per share. These warrants will be exercisable immediately upon issuance and will remain valid for six years.

Roth Capital Partners is serving as the exclusive placement agent for this offering. The transaction is anticipated to generate roughly $1.1 million in gross proceeds for First Wave BioPharma, prior to deducting placement agent fees and other expenses. The company plans to use the net proceeds for working capital and general corporate purposes. The closing of the transaction is expected around May 14, 2024, pending customary closing conditions.

The shares are being offered pursuant to a 'shelf' registration statement on Form S-3 that was previously filed with and declared effective by the Securities and Exchange Commission (SEC). The offering will be made solely through a prospectus and a supplement to the prospectus, which will be filed with the SEC. Electronic versions of these documents will be available on the SEC's website.

This announcement is not an offer to sell nor a solicitation to buy any securities. The sale of these securities will not occur in any state or jurisdiction where it would be unlawful prior to registration or qualification under applicable securities laws.

About First Wave BioPharma, Inc.

First Wave BioPharma is a clinical-stage biopharmaceutical company dedicated to developing non-systemic therapies aimed at treating GI diseases. The company’s pipeline includes several late-stage clinical programs built around three main proprietary technologies. Latiglutenase is a Phase 3-ready oral biotherapeutic aimed at treating celiac disease. Capeserod, a selective 5-HT4 receptor partial agonist, is being developed for gastroparesis. Adrulipase, a recombinant lipase enzyme, is designed to aid the digestion of fats and other nutrients in patients with cystic fibrosis and chronic pancreatitis who suffer from exocrine pancreatic insufficiency. First Wave BioPharma is headquartered in Boca Raton, Florida.

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