Purple Biotech Announces Exercise of Warrants for $2 Million Gross Proceeds
2024年7月1日 - 10:00PM
Purple Biotech Ltd. (“Purple Biotech” or “the Company”)
(NASDAQ/TASE: PPBT), a clinical-stage company developing
first-in-class therapies that seek to overcome tumor immune evasion
and drug resistance, today announced that it has entered into
definitive agreements for the exercise of certain existing warrants
to purchase an aggregate of 5,633,509 American Depositary Shares
(ADSs), each representing 10 ordinary shares, having original
exercise prices ranging from $1.25 to $20.00 per ADS, originally
issued by Purple Biotech in October 2023, June 2020, January 2019
and June 2018, at a reduced exercise price of $0.36 per ADS. The
issuance and/or resale of the ADSs issuable upon exercise of the
existing warrants, as applicable, are registered pursuant to
effective registration statements on Form F-3 (File Nos.
333-268710, 333-235327 and 333-215037). The offering is expected to
close on or about July 2, 2024, subject to satisfaction of
customary closing conditions.
H.C. Wainwright & Co. is acting as the
exclusive placement agent for the offering.
In consideration for the immediate exercise of
the existing warrants for cash, the Company will issue new
unregistered Series A-1 warrants to purchase up to an aggregate of
4,979,383 ADSs and new unregistered Series A-2 warrants to purchase
up to an aggregate of 6,287,635 ADSs. The new warrants will be
immediately exercisable at an exercise price of $0.40 per ADS. The
Series A-1 warrants will have a term of five years from the
issuance date and the Series A-2 warrants will have a term of
twenty-four months from the issuance date.
The gross proceeds to the Company from the
exercise of the existing warrants are expected to be approximately
$2 million, prior to deducting placement agent fees and estimated
offering expenses payable by the Company. The Company intends
to use the net proceeds from the offering to fund the development
of its oncology therapeutic candidates and for general working
capital and corporate purposes. The new warrants
described above are being offered in a private placement under
Section 4(a)(2) of the Securities Act of 1933, as amended (the
“Securities Act”), and Regulation D promulgated thereunder and,
along with the ADSs issuable upon exercise of the new warrants,
have not been registered under the Securities Act, or applicable
state securities laws. Accordingly, the new warrants issued in the
private placement and the ADSs issuable upon the exercise of the
new warrants may not be offered or sold in the United States except
pursuant to an effective registration statement or an applicable
exemption from the registration requirements of the Securities Act
and such applicable state securities laws. The Company has agreed
to file a registration statement with the Securities and Exchange
Commission covering the resale of the ADSs issuable upon the
exercise of the new warrants.
This press release does not constitute an offer
to sell or a solicitation of an offer to buy these securities, nor
shall there be any sale of these securities in any state or other
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to the registration or qualification under the
securities laws of any such state or other jurisdiction.
About Purple Biotech
Purple Biotech Ltd. (NASDAQ/TASE: PPBT) is a
clinical-stage company developing first-in-class therapies that
seek to overcome tumor immune evasion and drug resistance. The
Company’s oncology pipeline includes NT219, CM24 and IM1240. NT219
is a dual inhibitor, novel small molecule that simultaneously
targets IRS1/2 and STAT3. A Phase 1 dose escalation study is being
concluded and a Phase 2 study of NT219 at its recommended Phase 2
level in combination with cetuximab in patients with recurrent
and/or metastatic squamous cell carcinoma of the head and neck
cancer (SCCHN) is planned. CM24 is a humanized monoclonal antibody
that blocks CEACAM1, an immune checkpoint protein that supports
tumor immune evasion and survival through multiple pathways. The
Company is advancing CM24 as a combination therapy with anti-PD-1
checkpoint inhibitors in a Phase 2 study for the treatment of
pancreatic ductal adenocarcinoma (PDAC). The Company has entered
into a clinical collaboration agreement with Bristol Myers Squibb
for the Phase 2 clinical trials to evaluate the combination of CM24
with the PD-1 inhibitor nivolumab in addition to chemotherapy. The
Company is also advancing a preclinical platform of
conditionally-activated tri-specific antibodies that engage both T
cells and NK cells to induce a strong, localized immune response
within the tumor microenvironment. The cleavable capping technology
confines the compound’s therapeutic activity to the local tumor
microenvironment, and thereby potentially increases the anticipated
therapeutic window in patients. The third arm of the antibody
specifically targets the Tumor Associated Antigen (TAA). The
technology presents a novel mechanism of action by unleashing both
innate and adaptive immune systems to induce an optimal anti-tumor
immune response. IM1240 is the platform’s lead tribody in
development that targets 5T4 expressed in a variety of solid tumors
and is correlated with advanced disease, increased invasiveness and
poor clinical outcomes. The Company’s corporate headquarters are
located in Rehovot, Israel. For more information, please visit
https://purple-biotech.com/.
Forward-Looking Statements and Safe Harbor
Statement
Certain statements in this press release that
are forward-looking and not statements of historical fact are
forward-looking statements within the meaning of the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Such forward-looking statements include, but are not limited to,
statements regarding the completion of the offering, the
satisfaction of customary closing conditions related to the
offering and the anticipated use of proceeds therefrom as well as
statements that are not statements of historical fact, and may be
identified by words such as “believe”, “expect”, “intend”, “plan”,
“may”, “should”, “could”, “might”, “seek”, “target”, “will”,
“project”, “forecast”, “continue” or “anticipate” or their
negatives or variations of these words or other comparable words or
by the fact that these statements do not relate strictly to
historical matters. You should not place undue reliance on these
forward-looking statements, which are not guarantees of future
performance. Forward-looking statements reflect our current views,
expectations, beliefs or intentions with respect to future events,
and are subject to a number of assumptions, involve known and
unknown risks, many of which are beyond our control, as well as
uncertainties and other factors that may cause our actual results,
performance or achievements to be significantly different from any
future results, performance or achievements expressed or implied by
the forward-looking statements. Important factors that could cause
or contribute to such differences include, among others, risks
relating to: market and other conditions; the plans, strategies and
objectives of management for future operations; product development
for NT219, CM24 and IM1240; the process by which such early stage
therapeutic candidates could potentially lead to an approved drug
product is long and subject to highly significant risks,
particularly with respect to a joint development collaboration; the
fact that drug development and commercialization involves a lengthy
and expensive process with uncertain outcomes; final results from
clinical studies, including our NT219 and CM24 studies, may vary
from the interim analysis, our ability to successfully develop and
commercialize our pharmaceutical products; the expense, length,
progress and results of any clinical trials; the impact of any
changes in regulation and legislation that could affect the
pharmaceutical industry; the difficulty in receiving the regulatory
approvals necessary in order to commercialize our products; the
difficulty of predicting actions of the U.S. Food and Drug
Administration or any other applicable regulator of pharmaceutical
products; the regulatory environment and changes in the health
policies and regimes in the countries in which we operate; the
uncertainty surrounding the actual market reception to our
pharmaceutical products once cleared for marketing in a particular
market; the introduction of competing products; patents obtained by
competitors; dependence on the effectiveness of our patents and
other protections for innovative products; our ability to obtain,
maintain and defend issued patents; the commencement of any patent
interference or infringement action against our patents, and our
ability to prevail, obtain a favorable decision or recover damages
in any such action; and the exposure to litigation, including
patent litigation, and/or regulatory actions; the impact of the
economic, public health, political and security situation in
Israel, the U.S. and other countries in which we may operate or
obtain approvals for our products or our business, and other
factors that are discussed in our Annual Report on Form 20-F for
the year ended December 31, 2023 and in our other filings with the
U.S. Securities and Exchange Commission (“SEC”), including our
cautionary discussion of risks and uncertainties under “Risk
Factors” in our Registration Statements and Annual Reports. These
are factors that we believe could cause our actual results to
differ materially from expected results. Other factors besides
those we have listed could also adversely affect us. Any
forward-looking statement in this press release speaks only as of
the date which it is made. We disclaim any intention or obligation
to publicly update or revise any forward-looking statement or other
information contained herein, whether as a result of new
information, future events or otherwise, except as required by
applicable law. You are advised, however, to consult any additional
disclosures we make in our reports to the SEC, which are available
on the SEC’s website, https://www.sec.gov.
CONTACTS:
Company Contact:
Lior Fhima Chief Financial OfficerIR@purple-biotech.com
Purple Biotech (NASDAQ:PPBT)
過去 株価チャート
から 6 2024 まで 7 2024
Purple Biotech (NASDAQ:PPBT)
過去 株価チャート
から 7 2023 まで 7 2024