Cyclo Therapeutics Announces Pricing of $11.7 Million Underwritten Public Offering of Common Stock
17 November 2021 - 12:28PM
Business Wire
Cyclo Therapeutics, Inc. (Nasdaq: CYTH, CYTHW) (“Cyclo
Therapeutics” or the “Company”), a clinical stage biotechnology
company dedicated to developing life-changing medicines through
science and innovation for patients and families living with
diseases, today announced the pricing of its previously announced
underwritten public offering of 1,950,000 shares of its common
stock at a public offering price of $6.00 per share. Gross proceeds
from the offering, before deducting underwriting discounts and
commissions and estimated offering expenses, are expected to be
$11.7 million. In addition, Cyclo Therapeutics has granted the
underwriter a 45-day option to purchase up to an additional 292,500
shares of common stock at the public offering price, less discounts
and commissions.
Maxim Group LLC is acting as sole book-running manager for the
offering.
The public offering is being made pursuant to an effective shelf
registration statement on Form S-3 (File No. 333-254496),
previously filed with the U.S. Securities and Exchange Commission
(SEC) on March 19, 2021 and declared effective on May 28, 2021. The
securities may be offered only by means of a prospectus. A
preliminary prospectus supplement describing the terms of the
public offering has been filed with the SEC. A final prospectus
supplement will be filed with the SEC and will form a part of the
effective registration statement. Copies of the final prospectus
supplement and accompanying prospectus relating to the public
offering may be obtained, when available, by contacting Maxim Group
LLC, at 300 Park Avenue, 16th Floor, New York, NY 10022, Attention:
Prospectus Department, or by telephone at (212) 895-3745 or by
email at syndicate@maximgrp.com.
This press release does 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 other jurisdiction
in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities laws of
any such state or other jurisdiction.
About Cyclo Therapeutics
Cyclo Therapeutics, Inc. is a clinical-stage biotechnology
company dedicated to developing life-changing medicines through
science and innovation for patients and families suffering from
disease. The Company’s Trappsol® Cyclo™, an orphan drug designated
product in the United States and Europe, is the subject of four
formal clinical trials for Niemann-Pick Disease Type C, a rare and
fatal genetic disease, (www.ClinicalTrials.gov NCT02939547,
NCT02912793, NCT03893071 and NCT04860960). The Company is planning
an early phase clinical trial using Trappsol® Cyclo™ intravenously
in Alzheimer’s Disease based on encouraging data from an Expanded
Access program for late-onset Alzheimer’s Disease (NCT03624842).
Additional indications for the active ingredient in Trappsol®
Cyclo™ are in development. For additional information, visit the
Company’s website: www.cyclotherapeutics.com.
Safe Harbor Statement
This press release contains “forward-looking statements” about
the company’s current expectations about future results,
performance, prospects and opportunities, including, without
limitation, statements regarding the proposed public offering.
Statements that are not historical facts, such as “anticipates,”
“believes” and “expects” or similar expressions, are
forward-looking statements. These statements are subject to a
number of risks, uncertainties and other factors that could cause
actual results in future periods to differ materially from what is
expressed in, or implied by, these statements. The factors which
may influence the company’s future performance include the
company’s ability to obtain additional capital to expand operations
as planned, success in achieving regulatory approval for clinical
protocols, enrollment of adequate numbers of patients in clinical
trials, unforeseen difficulties in showing efficacy of the
company’s biopharmaceutical products, success in attracting
additional customers and profitable contracts, and regulatory risks
associated with producing pharmaceutical grade and food products.
These and other risk factors are described from time to time in the
company’s filings with the Securities and Exchange Commission,
including, but not limited to, the company’s reports on Forms 10-K
and 10-Q. Unless required by law, the company assumes no obligation
to update or revise any forward-looking statements as a result of
new information or future events.
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version on businesswire.com: https://www.businesswire.com/news/home/20211116006453/en/
Investor Contact: JTC Team, LLC Jenene Thomas (833) 475-8247
CYTH@jtcir.com
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