Cyclo Therapeutics Announces Pricing of $12.5 Million Public Offering
2020年12月10日 - 2:52AM
ビジネスワイヤ(英語)
Transaction Includes Uplisting to Nasdaq and Reverse Stock
Split
Cyclo Therapeutics, Inc. (“Cyclo Therapeutics” or the “Company”)
(NasdaqCM: CYTH) (NasdaqCM:CYTHW), a clinical stage biotechnology
company developing a cyclodextrin platform for the treatment of
Neurodegenerative Diseases, including their lead candidate
(Trappsol® Cyclo™) in the treatment of Niemann-Pick Disease Type C
(NPC), today announced the pricing of its underwritten public
offering of 2,500,000 units at a price to the public of $5.00 per
unit. Each unit issued in the offering consists of one share of
common stock and one warrant to purchase one share of common stock
at an exercise price of $5.00. The common stock and warrants will
be issued separately. The common stock and warrants are expected to
begin trading on the Nasdaq Capital Market on December 9, 2020,
under the symbols “CYTH” and “CYTHW,” respectively. Cyclo
Therapeutics expects to receive gross proceeds of $12.5 million,
before deducting underwriting discounts and commissions and other
estimated offering expenses. Concurrent with the offering, the
Company is effectuating a reverse split of its issued and
outstanding common stock at a ratio of 1-for-100, which became
effective following the close of trading on Tuesday, December 8,
2020. The share numbers and pricing information in this release are
adjusted to reflect the impact of the reverse stock split.
Cyclo Therapeutics has granted the underwriters a 45-day option
to purchase up to an additional 375,000 shares of common stock
and/or an additional 375,000 warrants at the public offering price
to cover over-allotments, if any. The offering is expected to close
on December 11, 2020, subject to customary closing conditions.
Maxim Group LLC is acting as sole book-running manager for the
offering.
The offering is being conducted pursuant to the Company's
registration statement on Form S-1 (File No. 333-249136), as
amended, previously filed with and subsequently declared effective
by the Securities and Exchange Commission (“SEC”). A final
prospectus relating to the offering will be filed with the SEC and
will be available on the SEC’s website at http://www.sec.gov.
Electronic copies of the final prospectus relating to this
offering, when available, may be obtained from Maxim Group LLC, 405
Lexington Avenue, 2nd Floor, New York, NY 10174, at (212)
895-3745.
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 state or jurisdiction in
which such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
About Cyclo Therapeutics: Cyclo Therapeutics, Inc. is a
clinical-stage biotechnology company that develops
cyclodextrin-based products for the treatment of Niemann-Pick
Disease Type C and Alzheimer’s Disease. The company’s Trappsol®
Cyclo™, an orphan drug designated product in the United States and
Europe, is the subject of three ongoing formal clinical trials for
Niemann-Pick Disease Type C, a rare and fatal genetic disease,
(ClinicalTrials.gov NCT02939547, NCT02912793 and NCT03893071). The
company is planning an early phase clinical trial using Trappsol®
Cyclo™ intravenously in Alzheimer’s Disease based on encouraging
data from an Expanded Access program for late-onset Alzheimer’s
Disease (NCT03624842). Additional indications for the active
ingredient in Trappsol® Cyclo™ are in development. For additional
information, visit the company’s website:
www.cyclotherapeutics.com.
Safe Harbor Statement: This press release contains
“forward-looking statements” about the company’s current
expectations about future results, performance, prospects and
opportunities, including, without limitation, statements regarding
the satisfaction of closing conditions relating to the offering and
the anticipated use of proceeds from the offering. Statements that
are not historical facts, such as “anticipates,” “believes” and
“expects” or similar expressions, are forward-looking statements.
These statements are subject to a number of risks, uncertainties
and other factors that could cause actual results in future periods
to differ materially from what is expressed in, or implied by,
these statements. The factors which may influence the company’s
future performance include the company’s ability to obtain
additional capital to expand operations as planned, success in
achieving regulatory approval for clinical protocols, enrollment of
adequate numbers of patients in clinical trials, unforeseen
difficulties in showing efficacy of the company’s biopharmaceutical
products, success in attracting additional customers and profitable
contracts, and regulatory risks associated with producing
pharmaceutical grade and food products. These and other risk
factors are described from time to time in the company’s filings
with the Securities and Exchange Commission, including, but not
limited to, the company’s reports on Forms 10-K and 10-Q. Unless
required by law, the company assumes no obligation to update or
revise any forward-looking statements as a result of new
information or future events.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201209005860/en/
Investor/Media Contact: Jeffrey L. Tate, Ph.D., COO Cyclo
Therapeutics, Inc. jeff@cyclodex.com +1 (386) 418-8060
Cyclo Therapeutics (NASDAQ:CYTHW)
過去 株価チャート
から 9 2024 まで 10 2024
Cyclo Therapeutics (NASDAQ:CYTHW)
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から 10 2023 まで 10 2024