Bio-Path Holdings, Inc. Announces Closing of $1.2 Million Registered Direct Offering Priced At-the-Market Under Nasdaq Rules

HOUSTON, April 19, 2024 (GLOBE NEWSWIRE) -- Bio-Path Holdings, Inc., (Nasdaq: BPTH) (the “Company” or “Bio-Path”), a biotechnology company leveraging its proprietary DNAbilize antisense RNAi nanoparticle technology to develop a portfolio of targeted nucleic acid cancer drugs, today announced the closing of its previously announced registered direct offering priced at-the-market under Nasdaq rules of an aggregate of 375,000 shares of its common stock at a purchase price of $3.225 per share and concurrent private placement of unregistered warrants to purchase up to an aggregate of 375,000 shares of common stock. The warrants have an exercise price of $3.10 per share, are immediately exercisable and will expire five years from the date of issuance.

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

The gross proceeds to Bio-Path from the offering were approximately $1.2 million, before deducting the placement agent’s fees and other offering expenses payable by Bio-Path. Bio-Path currently intends to use the net proceeds from the offering for working capital and general corporate purposes.

The shares of common stock offered in the registered direct offering (but excluding the unregistered warrants or the shares of common stock underlying such unregistered warrants) described above were offered and sold by Bio-Path pursuant to a “shelf” registration statement on Form S-3 (Registration No. 333-265282), including a base prospectus, previously filed with the Securities and Exchange Commission (“SEC”) on May 27, 2022, and declared effective by the SEC on June 14, 2022. The offering of the shares of common stock was made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A prospectus supplement and an accompanying base prospectus relating to, and describing the terms of, the registered direct offering were filed with the SEC and are available on the SEC's website located at http://www.sec.gov. Electronic copies of the prospectus supplement and accompanying base prospectus relating to the registered direct offering may also be obtained from H.C. Wainwright & Co., LLC at 430 Park Ave., New York, New York 10022, by telephone at [phone], or by email at [e-mail].