Theriva Biologics Inc (TOVX)

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PR Release. See below.

Synthetic Biologics Announces Closing of $18,639,000 Public OfferingFont size: A | A | A
1:30 PM ET 10/15/18 | PR Newswire
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1:23 PM ET 10/15/18
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ROCKVILLE, Md., Oct. 15, 2018 /PRNewswire/ -- Synthetic Biologics, Inc. (NYSE American: SYN) ("Synthetic Biologics" or the "Company"), a late-stage clinical company focused on developing therapeutics designed to preserve the microbiome to protect and restore the health of patients, announced today the closing of its previously announced underwritten public offering with expected total gross proceeds of approximately $18,639,000 before deducting underwriting discounts, commissions and other offering expenses payable by the Company. The Company expects to use the net proceeds from this offering to fund its and its subsidiaries' preclinical and clinical programs and for working capital and general corporate purposes, including to acquire, license or invest in complementary businesses, technologies, product candidates or other intellectual property.

The securities offered by the Company consist of (i) Class A Units consisting of 2,520,000 shares of Common Stock and Warrants to purchase 2,520,000 shares of Common Stock at a combined price of $1.15 per Class A Unit, and (ii) Class B Units consisting of 15,723 shares of Series B Convertible Preferred Stock, with a stated value of $1,000 per share, and convertible into an aggregate of 13,672,173 shares of Common Stock, and Warrants to purchase 13,672,173 shares of Common Stock. The Warrants will have an exercise price of $1.38, will be exercisable upon issuance and will expire five years from the date of issuance. The Company granted the underwriters a 45-day option to purchase up to 2,428,825 shares of Common Stock and/or additional Warrants to purchase up to 2,428,825 additional shares of Common Stock, which is 15% of the Common Stock, Warrants and/or Common Stock issuable upon conversion of the Series B Convertible Preferred Stock included in the Class B Units sold in the offering. The underwriters partially exercised the over-allotment option by electing to purchase from the Company additional Warrants to purchase 1,807,826 shares of Common Stock. The offering, including the Warrants purchased in the partial exercise of the over-allotment option, closed on October 15, 2018.

A.G.P./Alliance Global Partners acted as the sole book-running manager for the offering.

The offering was made pursuant to an effective registration statement on Form S-1 (No. 333-227400) previously filed with the U.S. Securities and Exchange Commission (the "SEC") and declared effective on October 10, 2018. A final prospectus relating to the offering was filed with the SEC on October 12, 2018 and is available on the SEC's website located at http://www.sec.gov. Electronic copies of the preliminary prospectus and the final prospectus may be obtained, when available, by contacting A.G.P./Alliance Global Partners, 590 Madison Avenue, 36th Floor, New York, NY 10022 or via telephone at 212-624-2006 or email: [e-mail].

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.