Greenwich LifeSciences, Inc. Prices $26.4 Million Upsized Public Offering of Common Stock
18 December 2020 - 10:00PM
Business Wire
Greenwich LifeSciences, Inc. (Nasdaq: GLSI) (the “Company”), a
clinical-stage biopharmaceutical company focused on the development
of GP2, an immunotherapy to prevent breast cancer recurrences in
patients who have previously undergone surgery, today announced the
pricing of an upsized underwritten public offering with gross
proceeds to the Company expected to be approximately $26.4 million
before deducting underwriting discounts and commissions and other
estimated offering expenses payable by the Company.
The public offering equates to 660,000 shares of the Company’s
common stock at a price of $40.00 per share. The Company intends to
use the net proceeds for completion of all manufacturing and all
clinical trial activities to complete an interim analysis and data
readout of the GP2 Phase III clinical trial, for the submission of
a Biologics Licensing Application to the FDA seeking conditional
marketing approval of GP2, for the in-licensing or acquisition and
development of additional products, including the coronavirus
vaccine program, and for working capital and general corporate
purposes.
The Company has also granted the underwriters a 45-day option to
purchase up to an additional 99,000 shares of common stock offered
in the public offering to cover over-allotments, if any, at the
public offering price, which would increase the total gross
proceeds of the offering to approximately $30.4 million, if
exercised in full. The offering is expected to close on or about
December 22, 2020, subject to customary closing conditions.
Aegis Capital Corp. is acting as sole bookrunner for the
offering.
A registration statement relating to the shares of common stock
being sold in this offering was declared effective by the
Securities and Exchange Commission (the “SEC”) on December 17,
2020. The offering is being made only by means of a prospectus.
Copies of the final prospectus may be obtained, when available, on
the SEC's website, www.sec.gov, or by contacting Aegis Capital
Corp., Attention: Syndicate Department, 810 7th Avenue, 18th Floor,
New York, NY 10019, by email at syndicate@aegiscap.com, or by
telephone at (212) 813-1010.
This press release shall not constitute an offer to sell, or a
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 Greenwich LifeSciences, Inc.
Greenwich LifeSciences is a clinical-stage biopharmaceutical
company focused on the development of GP2, an immunotherapy to
prevent breast cancer recurrences in patients who have previously
undergone surgery. GP2 is a 9 amino acid transmembrane peptide of
the HER2/neu protein. In a randomized, single-blinded,
placebo-controlled, multi-center (16 sites led by MD Anderson
Cancer Center) Phase IIb clinical trial, no recurrences were
observed in the HER2/neu 3+ adjuvant setting after median 5 years
of follow-up, if the patient received the 6 primary intradermal
injections over the first 6 months (p = 0.0338). Of the 138
patients that have been treated with GP2 to date over 4 clinical
trials, GP2 treatment was well tolerated and no serious adverse
events were observed related to GP2 immunotherapy. Greenwich
LifeSciences is planning to commence a Phase III clinical trial
using a similar treatment regime as the Phase IIb clinical trial.
For more information on Greenwich LifeSciences, please visit the
company’s website: www.greenwichlifesciences.com
Forward-Looking Statement Disclaimer
Statements in this press release contain “forward-looking
statements” that are subject to substantial risks and
uncertainties. All statements, other than statements of historical
fact, contained in this press release are forward-looking
statements. Forward-looking statements contained in this press
release may be identified by the use of words such as “anticipate,”
“believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,”
“seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,”
“target,” “aim,” “should,” "will” “would,” or the negative of these
words or other similar expressions, although not all
forward-looking statements contain these words. Forward-looking
statements are based on Greenwich LifeSciences Inc.’s current
expectations and are subject to inherent uncertainties, risks and
assumptions that are difficult to predict, including statements
regarding the completion of the public offering, the satisfaction
of customary closing conditions related to the public offering and
the intended use of net proceeds from the public offering;
consequently, actual results may differ materially from those
expressed or implied by such forward-looking statements. Further,
certain forward-looking statements are based on assumptions as to
future events that may not prove to be accurate. These and other
risks and uncertainties are described more fully in the section
titled “Risk Factors” in the final prospectus related to the public
offering filed with the Securities and Exchange Commission.
Forward-looking statements contained in this announcement are made
as of this date, and Greenwich LifeSciences Inc. undertakes no duty
to update such information except as required under applicable
law.
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version on businesswire.com: https://www.businesswire.com/news/home/20201218005167/en/
Company Contact Snehal Patel Investor Relations (832)
819-3232 info@greenwichlifesciences.com
Investor & Public Relations Contact for Greenwich
LifeSciences Dave Gentry RedChip Companies Inc. Office:
1-800-RED CHIP (733 2447) Cell: (407) 491-4498 dave@redchip.com
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