Cyclo Therapeutics Announces Closing of Underwriters’ Option to Purchase Additional Shares of Common Stock in Connection wi...
23 December 2020 - 6:30AM
Business Wire
Cyclo Therapeutics, Inc. (“Cyclo Therapeutics” or the “Company”)
(NasdaqCM:CYTH) (NasdaqCM:CYTHW), a clinical stage biotechnology
company developing a cyclodextrin platform for the treatment of
Neurodegenerative Diseases, including their lead candidate
(Trappsol® Cyclo™) in the treatment of Niemann-Pick Disease Type C
(NPC), today announced the closing of the sale of an additional
375,000 shares of common stock at $4.99 per share pursuant to the
exercise of the underwriter’s over-allotment option in connection
with its public offering that initially closed on December 11,
2020, resulting in additional gross proceeds of $1,871,250 and
bringing the total gross proceeds of the public offering to
$14,375,000.
Maxim Group LLC acted as sole book-running manager for the
offering.
The offering was conducted pursuant to the Company's
registration statements on Form S-1 (File Nos. 333-249136 and
333-251218), as amended, previously filed with the Securities and
Exchange Commission (“SEC”) and declared effective. A final
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 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 that develops cyclodextrin-based products for the treatment
of Niemann-Pick Disease Type C and Alzheimer’s Disease. The
company’s Trappsol® Cyclo™, an orphan drug designated product in
the United States and Europe, is the subject of three ongoing
formal clinical trials for Niemann-Pick Disease Type C, a rare and
fatal genetic disease, (ClinicalTrials.gov NCT02939547, NCT02912793
and NCT03893071). 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 anticipated use of proceeds
from the 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201222005635/en/
Investor/Media Contact: Jeffrey L. Tate, Ph.D., COO Cyclo
Therapeutics, Inc. jeff@cyclodex.com +1 (386) 418-8060
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