BOCA RATON, Fla., Oct. 11, 2022 (GLOBE NEWSWIRE) — First Wave BioPharma, Inc. (NASDAQ:FWBI) (“First Wave BioPharma” or the “Company”), a clinical-stage biopharmaceutical firm specializing within the growth of focused, non-systemic therapies for gastrointestinal ailments, right now introduced the closing of its beforehand introduced public providing of 3,438,396 shares of its frequent inventory (or pre-funded warrants in lieu thereof) and warrants to buy as much as an combination of 3,438,396 shares of its frequent inventory at an providing worth to the general public of $1.745 per share (or pre-funded warrant in lieu thereof) and related warrant. The warrants have an train worth of $1.62 per share, are exercisable instantly upon issuance, and can expire 5 years following the date of issuance.
H.C. Wainwright & Co. acted because the unique placement agent for the providing.
The gross proceeds to the Company from the providing had been roughly $6.0 million, earlier than deducting the position agent’s charges and different providing bills payable by the Company. The Company intends to make use of the online proceeds from this providing to make the ultimate upfront cost owed to the previous stockholders of First Wave Bio, Inc. (“FWB”) pursuant to the settlement settlement between the Company and the consultant of the previous stockholders of FWB. The Company intends to make use of the remaining web proceeds from this providing for working capital and basic company functions.
The securities described above had been provided pursuant to a registration assertion on Form S-1 (File No. 333-267423) initially filed with the Securities and Exchange Commission (“SEC”) on September 14, 2022 and have become efficient on October 6, 2022. The public providing was made solely by means of a prospectus, which is an element of the efficient registration assertion. Electronic copies of the ultimate prospectus could also be obtained without cost on the SEC’s web site situated at http://www.sec.gov and can also be obtained by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, third Floor, New York, NY 10022, by telephone at (212) 856-5711 or e-mail at [email protected].
This press launch shall not represent a suggestion to promote or a solicitation of a suggestion to purchase any of the securities described herein, nor shall there be any sale of these securities in any state or different jurisdiction during which such provide, solicitation or sale can be illegal previous to the registration or qualification beneath the securities legal guidelines of any such state or different jurisdiction.
About First Wave BioPharma, Inc.
First Wave BioPharma is a clinical-stage biopharmaceutical firm specializing within the growth of focused, non-systemic therapies for gastrointestinal (GI) ailments. The Company is at the moment advancing a therapeutic growth pipeline with a number of medical stage applications constructed round its two proprietary applied sciences – the biologic adrulipase, a recombinant lipase enzyme designed to allow the digestion of fat and different vitamins, and niclosamide, an oral small molecule with anti-inflammatory properties. First Wave is advancing two Phase 2 medical applications constructed round adrulipase for the remedy of exocrine pancreatic insufficiency (FW-EPI) in sufferers with cystic fibrosis (CF) and persistent pancreatitis (CP). In growing adrulipase, First Wave is searching for to offer CF and CP sufferers with a secure and efficient remedy to manage EPI that’s non-animal derived and affords the potential to dramatically cut back their day by day capsule burden. The firm can be advancing a number of applications involving niclosamide, together with FW-UP for ulcerative proctitis and ulcerative proctosigmoiditis, FW-UC for ulcerative colitis, and FW-CD for Crohn’s illness. First Wave BioPharma is headquartered in Boca Raton, Florida. For extra data go to www.firstwavebio.com.
Forward-Looking Statements
This press launch might comprise sure statements referring to future outcomes that are forward-looking statements. These forward-looking statements are topic to dangers and uncertainties together with, amongst different issues, the meant use of proceeds from the general public providing. It is feasible that the Company’s precise outcomes and monetary situation might differ, presumably materially, from the anticipated outcomes and monetary situation indicated in these forward-looking statements, relying on components together with dangers and uncertainties associated to market circumstances; whether or not outcomes obtained in preclinical and nonclinical research and medical trials shall be indicative of outcomes obtained in future medical trials; whether or not preliminary or interim outcomes from a medical trial shall be indicative of the ultimate outcomes of the trial; whether or not the Company will be capable to regain and keep compliance with Nasdaq’s continued itemizing standards; the dimensions of the potential markets for the Company’s drug candidates and its means to service these markets; the results of the First Wave Bio, Inc. acquisition, the associated settlement and their impact on the Company’s business, working outcomes and monetary prospects; and the Company’s present and future capital necessities and its means to lift further funds to fulfill its capital wants. Additional data in regards to the Company and its business, together with a dialogue of components that might materially have an effect on the Company’s monetary outcomes are contained within the Company’s Annual Report on Form 10-Okay for the 12 months ended December 31, 2021 beneath the heading “Risk Factors,” in addition to the Company’s subsequent filings with the SEC. All forward-looking statements included on this press launch are made solely as of the date of this press launch, and we don’t undertake any obligation to publicly replace or right any forward-looking statements to replicate occasions or circumstances that subsequently happen or of which we hereafter change into conscious.
For extra data, contact:
First Wave BioPharma, Inc.
777 Yamato Road, Suite 502
Boca Raton, FL 33431
Phone: (561) 589-7020
[email protected]
Media contact:
Tiberend Strategic Advisors, Inc.
David Schemelia
(609) 468-9325
[email protected]
