Bio-Path Holdings (NASDAQ:BPTH) has entered into definitive agreements with institutional investors for the issuance and sale of 2,261,538 shares of its common stock at a price of $0.65 per share, for gross proceeds of ~$1.5M, in a registered direct offering.
Additionally, Bio-Path will issue warrants to purchase up to 100% on the common shares issued in registered direct offering, with an exercise price $0.96 per share, exercise period commencing six months following the issuance date and for a term of five and one-half years.
Net net proceeds will be used for working capital and general corporate purposes.
Closing date is September 25.
Shares are down 22% premarket.
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