Greenwich LifeSciences Reveals $2.5M Private Placement

June 14, 2024-- Greenwich LifeSciences, Inc. (Nasdaq: GLSI) announced a significant development in its financial strategy today. The clinical-stage biopharmaceutical company, which is dedicated to preventing breast cancer recurrences through its Phase III clinical trial FLAMINGO-01, has entered into a securities purchase agreement with its Chief Executive Officer, Snehal Patel.

Under the terms of this agreement, Mr. Patel will acquire 174,825 shares of Greenwich's common stock at a purchase price of $14.30 per share. This transaction, expected to close around June 18, 2024, is subject to customary closing conditions. The gross proceeds from the private placement are projected to be approximately $2.5 million before deducting offering expenses, and Greenwich plans to utilize the net proceeds primarily for clinical development and working capital. Importantly, no investment banking fees will be incurred in connection with this offering. Additionally, Mr. Patel has agreed to a one-year lock-up period for these shares.

The offering and sale of these shares are executed under a private placement in accordance with Section 4(a)(2) of the Securities Act of 1933, as amended, and/or Regulation D under the Act. These securities have not been registered under the Act or any relevant state securities laws, thus they cannot be offered or sold in the United States without an effective registration statement or a suitable exemption from such requirements.

Greenwich LifeSciences emphasizes that this press release does not represent an offer to sell or a solicitation to buy these securities, nor will there be any sale of these securities in any jurisdiction where such actions would be illegal without proper registration or qualification under the applicable securities laws.

Greenwich LifeSciences, Inc. is at the forefront of biopharmaceutical research with its focus on developing GP2, an innovative immunotherapy aimed at preventing breast cancer recurrences in patients who have undergone surgery. GP2 is a peptide derived from the HER2 protein, a cell surface receptor protein prevalent in many cancers, including approximately 75% of breast cancers which express HER2 at varying levels. The company has initiated the Phase III clinical trial named FLAMINGO-01 to evaluate the efficacy of this promising treatment.

By leveraging the funds from the recent private placement, Greenwich aims to accelerate the clinical development of GP2. This advancement is expected to enhance their ability to bring effective treatments to market, thereby improving outcomes for breast cancer patients.

The company continues to focus on its mission to innovate and expand the frontiers of cancer treatment, with the hope that their research will significantly impact the lives of patients worldwide. Greenwich LifeSciences remains committed to advancing its clinical trials and bringing new, effective cancer therapies to fruition.

This strategic financial move underscores Greenwich's dedication to its ongoing research and development efforts. As the company progresses with its Phase III trial, the support from its CEO and the generated funds will play a critical role in driving forward its mission to combat breast cancer recurrences.

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