First Wave BioPharma, Inc. Announces Pricing of $6.0 Million Public Offering

BOCA RATON, Fla., Oct. 06, 2022 (GLOBE NEWSWIRE) -- First Wave BioPharma, Inc. (NASDAQ:FWBI) (“First Wave BioPharma” or the “Company”), a clinical-stage biopharmaceutical company specializing in the development of targeted, non-systemic therapies for gastrointestinal diseases, today announced the pricing of a public offering of 3,438,396 shares of its common stock (or pre-funded warrants in lieu thereof) and warrants to purchase up to an aggregate of 3,438,396 shares of its common stock at an offering price to the public of $1.745 per share (or pre-funded warrant in lieu thereof) and associated warrant. The warrants will have an exercise price of $1.62 per share, are exercisable immediately upon issuance, and will expire five years following the date of issuance. The closing of the offering is expected to occur on or about October 11, 2022, subject to the satisfaction of customary closing conditions.

H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.

The gross proceeds to the Company from the offering are expected to be approximately $6.0 million, before deducting the placement agent’s fees and other offering expenses payable by the Company. The Company intends to use the net proceeds from this offering to make the final upfront payment owed to the former stockholders of First Wave Bio, Inc. (“FWB”) pursuant to the settlement agreement between the Company and the representative of the former stockholders of FWB. The Company intends to use the remaining net proceeds from this offering for working capital and general corporate purposes.

The securities described above are being offered pursuant to a registration statement on Form S-1 (File No. 333-267423) originally filed with the Securities and Exchange Commission (“SEC”) on September 14, 2022 and became effective on October 6, 2022. The public offering is being made only by means of a prospectus, which is part of the effective registration statement. When available, electronic copies of the final prospectus may be obtained for free on the SEC’s website located at http://www.sec.gov and may also be obtained by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by phone at [phone] or e-mail at [e-mail].