FLORHAM PARK, NJ, July 22, 2024 (GLOBE NEWSWIRE) — Celletar Biosciences, Inc. (NASDAQ: NASDAQ :)), a late-stage clinical biopharmaceutical company focused on the discovery, development and commercialization of drugs for the treatment of cancer, today announced that the majority of Tranche B warrants issued under the September 2023 private placement have been exercised for Series E preferred stock, which can converted into common stock of the company, by the participants of the previous financing, led by Rosalind Advisors, in exchange for a reduction. , as-converted common stock price of $2.52 and purchase new warrants. The exercised Tranche B warrants and the newly purchased warrants will result in gross proceeds of approximately $19.4 million. The new warrants purchased by investors have the potential to generate up to an additional $73.3 million in gross proceeds, if exercised.
The new warrants purchased by investors include Tranche A, B and C. Tranche A warrants provide gross proceeds of up to approximately $17.0 million based on an exercise price of $2.52, which is the closing market price of the Company’s common stock on July 19, 2024 , and include a trigger of 10 trading day to exercise after Celletar’s public announcement that the Food and Drug Administration (FDA) has been assigned the target date of the Prescription Drug Fee Act for the review of iopofosine I 131. Warrant Tranche B provides gross results up. up to approximately $32.9 million based on an exercise price of $4.00 per share, with a 10 trading day trigger for investors to exercise upon FDA approval of iopofosine I 131. Tranche C warrants provide gross proceeds of up to approximately $23.5 million based on exercise. price of $ 5.50 per share, with a trigger of 10 trading days for sports investors after Celletar reported domestic quarterly revenue from iopofosine I 131 exceeded $ 10.0 million.
The new warrants have not been registered under the Securities Act of 1933, as amended, or applicable under state securities laws. Likewise, these securities 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 applicable state securities laws. As part of the transaction, the Company has agreed to file a resale registration statement on Form S-3 with the Securities and Exchange Commission within 30 days of the exercise date of the Tranche B warrants to register the resale of the underlying common stock. new warrant.
The company expects to file an NDA for iopofosine I 131 for the treatment of Waldenstrom’s macroglobulinemia in the fourth quarter of 2024 and will seek priority review. Funds generated from the execution of the warrants are expected to advance the company towards commercialization.
This press release will not constitute an offer to sell or a solicitation of an offer to buy the securities described herein, nor will there be any sale of such securities in any country or jurisdiction where such offer, solicitation or sale is not valid prior to registration or qualification under the securities laws of that country or that jurisdiction.
History of Celletar Biosciences, Inc.
Celletar Biosciences is a late-stage clinical biopharmaceutical company focused on the discovery and development of proprietary drugs for the treatment of cancer, both independently and through research and development collaborations. The company’s core objective is to use its Phospholipid Drug Conjugateâ„¢ (PDC) delivery platform to develop next-generation cancer cell targeting treatments, providing better efficacy and better safety due to fewer off-target effects.
The company’s product pipeline includes the lead asset iopofosine I 131, a small molecule PDC designed to provide targeted delivery of iodine-131 (radioisotope), a proprietary preclinical PDC chemotherapy program and various partner PDC assets.
For more information, visit www.celletar.com or join the conversation by liking and following us on the company’s social media channels: Twitter, LinkedIn, and Facebook (NASDAQ:).
Disclaimer of Forward-Looking Statements
This news release contains forward-looking statements. You can identify these statements by using words such as “may,” “expect,” “believe,” “anticipate,” “intend,” “could,” “estimate,” “continue,” “plan,” or negatives or cognates. These statements are estimates and predictions only and are subject to known and unknown risks and uncertainties that could cause actual future experience and results to differ materially from the statements made. These statements are based on our current beliefs and expectations regarding future results including our expectations regarding the CLOVER WaM trial. The discovery and development of these drugs carries high risks. Factors that could cause such material differences include, among others, uncertainties related to the ability to raise additional capital, uncertainties related to disruptions in the sole supplier of iopofosine, the ability to attract and retain partners for our technology, the identification of lead compounds, successful preclinical development, patient enrollment and completion of clinical studies, the FDA review process and the FDA’s view of our data and other government regulations, our ability to maintain orphan drug designation in the United States for iopofosine, the volatile market for priority review vouchers, the ability of collaborators our pharmaceuticals to successfully develop and commercialize drug candidates, competition from other pharmaceutical companies, product pricing and third-party reimbursement. A full description of the risks and uncertainties associated with our business is contained in our periodic reports filed with the Securities and Exchange Commission including Form 10-K for the year ended December 31, 2023, and Form 10-Q for the quarter ended March. 31, 2024. These forward-looking statements speak only as of the date hereof, and we disclaim any obligation to update these forward-looking statements.
Ignition
MEDIA:
Christie Magan
Bliss Bio Health
703-297-7194
cmaginn@blissbiohealth.com
INVESTORS:
Chad Kolean
Head of Finance
investors@celletar.com
Source: Celletar Biosciences
