Purple Biotech Announces Closing of Exercise of Warrants for $2 Million Gross Proceeds
Summary
REHOVOT, Israel, July 02, 2024 (GLOBE NEWSWIRE) -- Purple Biotech Ltd. (Purple Biotech or the Company) (NASDAQ/TASE: PPBT), a clinical-stage company developing first-in-class therapies that seek to overcome tumor immune evasion and drug resistance, today announced the closing of its previously announced exercise of certain existing warrants to purchase an aggregate of 5,633,509 American Depositary Shares (ADSs), each representing 10 ordinary shares, having original exercise prices ranging from $1.25 to $20.00 per ADS, originally issued by Purple Biotech in October 2023, June 2020, January 2019 and June 2018, at a reduced exercise price of $0.36 per ADS. The issuance and/or resale of the ADSs issued upon exercise of the existing warrants, as applicable, are registered pursuant to effective registration statements on Form F-3 (File Nos. The Company intends to use the net proceeds from the offering to fund the development of its oncology therapeutic candidates and for general working capital and corporate purposes. IM1240 is the platforms lead tribody in development that targets 5T4 expressed in a variety of solid tumors and is correlated with advanced disease, increased invasiveness and poor clinical outcomes. Forward-looking statements reflect our current views, expectations, beliefs or intentions with respect to future events, and are subject to a number of assumptions, involve known and unknown risks, many of which are beyond our control, as well as uncertainties and other factors that may cause our actual results, performance or achievements to be significantly different from any future results, performance or achievements expressed or implied by the forward-looking statements.