Dilution coming. Is the real reason the stock price has been driven down so investors can buy at a lower level?
We have entered into a Controlled Equity OfferingSM sales agreement (the “Sales Agreement”) with Cantor Fitzgerald & Co. (“Cantor Fitzgerald”) relating to shares of common stock offered by this prospectus. In accordance with the terms of the Sales Agreement, we may offer and sell up to $25,000,000 of our common stock from time to time through Cantor Fitzgerald, acting as sales agent. As of January 9, 2017, we had not issued nor sold any shares of our common stock pursuant to the Sales Agreement, our Registration Statement on Form S-3 (File No. 333-192102) and our related prospectus supplement dated June 24, 2016. Accordingly, we may offer and sell shares of our common stock having an aggregate offering price of up to $25,000,000 pursuant to this prospectus.
Our common stock is traded on the NASDAQ Capital Market under the symbol “BPTH.” The last reported sale price of our common stock on the NASDAQ Capital Market on January 4, 2017 was $1.27 per share.
Sales of our common stock, if any, under this prospectus may be made in sales deemed to be “at-the-market” equity offerings as defined in Rule 415 promulgated under the Securities Act of 1933, as amended (the “Securities Act”). Subject to the terms of the Sales Agreement, Cantor Fitzgerald will act as sales agent and use commercially reasonable efforts to sell on our behalf all of the shares of common stock requested to be sold by us, consistent with its normal trading and sales practices, on mutually agreed terms between Cantor Fitzgerald and us. There is no arrangement for funds to be received in any escrow, trust or similar arrangement.
Cantor Fitzgerald will be entitled to compensation at a commission rate of 3.4% of the gross sales price per share sold. In connection with the sale of our common stock on our behalf, Cantor Fitzgerald will be deemed to be an “underwriter” within the meaning of the Securities Act and the compensation of Cantor Fitzgerald will be deemed to be underwriting commissions or discounts. We have also agreed to provide indemnification and contribution to Cantor Fitzgerald with respect to certain liabilities, including liabilities under the Securities Act or the Exchange Act of 1934, as amended (the “Exchange Act”).
Another filing on warrants:
This prospectus relates to the issuance by us of up to 5,441,176 shares of our common stock, par value $0.001 per share. Of these shares:
• 2,500,000 shares of our common stock are issuable upon the exercise of warrants exercisable at an exercise price of $4.74 per share (the “2014 Warrants”) that were originally issued by us on January 21, 2014, pursuant to a prospectus dated January 13, 2014, and two related prospectus supplements, one dated January 17, 2014, and one dated January 21, 2014; and
• 2,941,176 shares of our common stock are issuable upon the exercise of warrants exercisable at an exercise price of $2.30 per share (the “2016 Warrants,” and together with the 2014 Warrants, the “Warrants”) that were originally issued by us on July 5, 2016, pursuant to a prospectus dated January 13, 2014, and a related prospectus supplement dated June 29, 2016.
Each 2014 Warrant entitles the holder thereof to purchase one share of our common stock for an exercise price of $4.74 per share. Each 2014 Warrant is exercisable at any time until its expiration date, which date is five years from the date of issuance.
Each 2016 Warrant entitles the holder thereof to purchase one share of our common stock for an exercise price of $2.30 per share. Each 2016 Warrant is exercisable at any time after January 5, 2017 until its expiration date, which date is five years from January 5, 2017.
We will receive the proceeds from the exercise of the Warrants, but not from the sale of the underlying shares of common stock.
Our common stock is traded on the NASDAQ Capital Market under the symbol “BPTH.” The last reported sale price of our common stock on the NASDAQ Capital Market on January 4, 2017 was $1.27 per share. Neither the 2014 Warrants nor the 2016 Warrants are listed, and we do not intend to apply to list them, on the NASDAQ Capital Market or any other national securities exchange.
A prospectus was attached to these filings which provides no real news that I saw.
