Beyond Air, Inc. Announces Closing of $11.5 Million Public Offering and Private Placement of Common Stock and Exercise of Option to Purchase Additional Shares

GARDEN CITY, N.Y. and REHOVOT, Israel, Dec. 12, 2019 (GLOBE NEWSWIRE) -- Beyond Air, Inc. (NASDAQ: XAIR), a clinical-stage medical device and biopharmaceutical company focused on developing inhaled Nitric Oxide (NO) for the treatment of patients with respiratory conditions including serious lung infections and pulmonary hypertension, announced today the closing of its previously announced underwritten public offering of 2,620,199 shares of common stock, including 295,199 shares sold pursuant to the underwriters’ partial exercise of their option to purchase additional shares, at a public offering price of $3.66 per share.

Concurrent with the public offering, the Company sold, in a private placement exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), 532,786 shares of common stock to certain existing investors at a sale price equal to the public offering price. 

The gross proceeds to the Company from the public offering and concurrent private placement, before deducting underwriting discounts and commissions, placement agent fees, and offering expenses, were approximately $11.5 million. The Company intends to use the net proceeds from the public offering and the concurrent private placement for working capital and general corporate purposes, which may include clinical studies required to gain regulatory approvals, including new indications for LungFit, implementation of adequate systems and controls to allow for regulatory approvals, further development of the LungFit for use in the home, investing in or acquiring companies that are synergistic with or complementary to the Company’s technologies, and licensing activities related to the Company’s current and future product candidates.  

SunTrust Robinson Humphrey acted as sole book running manager and National Securities Corporation acted as lead manager for the public offering.  Roth Capital Partners and Laidlaw & Company (UK) Ltd. acted as financial advisors to the Company.

The public offering was made pursuant to an effective shelf registration statement on Form S-3 (No. 333-231416) previously filed with the U.S. Securities and Exchange Commission (the “SEC”) and declared effective by the SEC on May 13, 2019. A final prospectus supplement and accompanying prospectus relating to the public offering were filed with the SEC and are available on the SEC’s website located at http://www.sec.gov. Electronic copies of the final prospectus supplement and the accompanying prospectus may be obtained by contacting SunTrust Robinson Humphrey, Inc., 3333 Peachtree Road NE, 9th Floor, Atlanta, GA 30326, Attention: Prospectus Department; email: [e-mail].