Artelo Biosciences Announces Closing of $8.0 Million Public Offering and Partial Exercise and Closing of Over-Allotment Optio...
26 June 2019 - 3:00AM
Artelo Biosciences, Inc. (NasdaqCM: ARTL, ARTLW) (the “Company” or
“Artelo Biosciences”), a clinical-stage biopharmaceutical company
with a portfolio of novel therapeutic candidates targeting the
endocannabinoid system, today announced the closing of its
previously announced underwritten public offering of 1,300,813
units at a price to the public of $6.15 per unit. Each unit
issued in the offering consisted of one share of common stock and
one warrant to purchase one share of common stock at an exercise
price of $6.4575 per share. No units were issued. The common stock
and warrants were immediately separable from the units and were
issued separately. The common stock and warrants began trading on
The Nasdaq Capital Market on June 21, 2019, under the symbols
"ARTL" and "ARTLW," respectively. Artelo Biosciences received gross
proceeds of $8.0 million, before deducting underwriting discounts
and commissions and other estimated offering expenses. In
connection with the offering, the Company has effectuated a reverse
split of its common stock at a ratio of 1-for-8.
Artelo Biosciences has granted the underwriters
a 45-day option to purchase up to 195,121 additional shares of
common stock, or warrants, or any combination thereof, at the
public offering price to cover over-allotments, if any. On
June 25, 2019, the Company issued an additional 191,102 warrants to
purchase 191,102 shares of the Company’s common stock at
$0.01 per warrant pursuant to the exercise in part of the
underwriters' over-allotment option in connection with the
offering.
Maxim Group LLC acted as the Sole Book-Running
Manager and Joseph Gunnar & Co. acted as co-manager for the
offering.
The offering was conducted pursuant to the
Company's registration statement on Form S-1 (File No. 333-230658)
previously filed with and subsequently declared effective by the
Securities and Exchange Commission ("SEC"). A prospectus
relating to the offering has been filed with the SEC and
is available on the SEC's website
at http://www.sec.gov. Electronic copies of the
prospectus relating to this offering may be obtained
from Maxim Group LLC, 405 Lexington Avenue, 2nd
Floor, New York, NY 10174, at (212) 895-3745.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy these securities,
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.
About Artelo Biosciences,
Inc.
Artelo Biosciences is a San Diego-based
biopharmaceutical company dedicated to the development and
commercialization of proprietary therapeutics targeting the
endocannabinoid system. Artelo Biosciences is rapidly advancing a
portfolio of broadly applicable product candidates designed to
address significant unmet needs in multiple diseases and
conditions, including cancer, pain, and inflammation. Led by proven
biopharmaceutical executives collaborating with highly respected
researchers and technology experts, the company applies leading
edge scientific, regulatory, and commercial discipline to develop
high-impact therapies.
More information is available at www.artelobio.com and Twitter:
@ArteloBio.
Forward Looking Statements
This press release contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934 and Private
Securities Litigation Reform Act, as amended, including those
relating to the Company's product development, clinical and
regulatory timelines, market opportunity, competitive position,
possible or assumed future results of operations, business
strategies, potential growth opportunities and other statement that
are predictive in nature. These forward-looking statements are
based on current expectations, estimates, forecasts and projections
about the industry and markets in which we operate and management's
current beliefs and assumptions.
These statements may be identified by the use of forward-looking
expressions, including, but not limited to, "expect," "anticipate,"
"intend," "plan," "believe," "estimate," "potential," "predict,"
"project," "should," "would" and similar expressions and the
negatives of those terms. These statements relate to future events
or our financial performance and involve known and unknown risks,
uncertainties, and other factors which may cause actual results,
performance or achievements to be materially different from any
future results, performance or achievements expressed or implied by
the forward-looking statements. Such factors include those set
forth in the Company's filings with the Securities and Exchange
Commission. Prospective investors are cautioned not to place undue
reliance on such forward-looking statements, which speak only as of
the date of this press release. The Company undertakes no
obligation to publicly update any forward-looking statement,
whether as a result of new information, future events or
otherwise.
Investor Relations Contact:Crescendo
Communications, LLCTel: 212-671-1020Email:
ARTL@crescendo-ir.com
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