Hillstream BioPharma Announces Proposed Public Offering
28 April 2023 - 6:00AM
Hillstream BioPharma, Inc. (Nasdaq: HILS) ("Hillstream" or the
"Company"), a biotechnology company developing therapeutic
candidates targeting drug resistant and devastating cancers using
ferroptosis, an emerging new anti-cancer mechanism resulting in
iron-mediated cell death, and immuno-oncology targeted novel
biologics, today announced that it intends to offer to sell shares
of its common stock (and/or pre-funded warrants (“Pre-Funded
Warrants”) in lieu thereof) in an underwritten public offering. All
of the shares of common stock (and/or Pre-Funded Warrants) are to
be sold by the Company.
ThinkEquity is acting as sole book-running
manager for the offering.
The Company expects to grant the underwriter a
45-day option to purchase up to an additional 15% of the number of
shares of common stock and/or Pre-Funded Warrants sold in the
offering to cover over-allotments, if any. The offering is subject
to market conditions and there can be no assurance as to whether or
when the offering may be completed, or as to the actual size or
terms of the offering.
The Company intends to use the net proceeds from
the offering for the advancement of HSB-1216, the development of
other product candidates in the Company’s pipeline (HSB-3215 and
HSB-1940), for general corporate purposes, and for working
capital.
The securities will be offered and sold pursuant
to a shelf registration statement on Form S-3 (File No.
333-270684), including a base prospectus, filed with the U.S.
Securities and Exchange Commission (the “SEC”) on March 17, 2023
and declared effective on March 24, 2023. The offering will be made
only by means of a written prospectus. A preliminary prospectus
supplement and accompanying prospectus describing the terms of the
offering has been or will be filed with the SEC on its website at
www.sec.gov. Copies of the preliminary prospectus supplement and
the accompanying prospectus relating to the offering may also be
obtained from the offices of ThinkEquity, 17 State Street, 41st
Floor, New York, New York 10004, by telephone at (877) 436-3673 or
by email at prospectus@think-equity.com. Before investing in this
offering, interested parties should read in their entirety the
preliminary prospectus supplement and the accompanying prospectus
and the other documents that the Company has filed with the SEC
that are incorporated by reference in such preliminary prospectus
supplement and the accompanying prospectus, which provide more
information about the Company and such offering.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy, 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 such
state or jurisdiction.
About Hillstream
Hillstream BioPharma, Inc. is a biotechnology
company developing a focused portfolio of therapeutic candidates
targeting drug resistant and devastating cancers. The Company
anticipates submitting an investigational new drug application and
plans to initiate a clinical study in the second half of 2023 with
HSB-1216, which targets ferroptosis, an emerging new anti-cancer
mechanism, resulting in iron mediated cell death of drug resistant
cancers. The Company’s emerging immuno-oncology pipeline is led by
HSB-3215, a novel anti-HER2 monoclonal antibody targeting unique
epitopes with a novel mechanism of action. The erbB/HER family of
cell surface proteins include well-known and validated drug targets
including HER2 and HER3 found in multiple solid tumors, including
breast, lung, GYN, endocrinological and CNS. For more information,
please visit: www.hillstreambio.com.
Forward-Looking
StatementsCertain statements in this press release are
forward-looking within the meaning of the Private Securities
Litigation Reform Act of 1995 including statements regarding the
proposed offering, timing and the use of proceeds. These statements
may be identified using words such as “anticipate,” “believe,”
“forecast,” “estimated” and “intend” or other similar terms or
expressions that concern Hillstream’s expectations, strategy, plans
or intentions. These forward-looking statements are based on
Hillstream’s current expectations and actual results could differ
materially. There are several factors that could cause actual
events to differ materially from those indicated by such
forward-looking statements. These factors include, but are not
limited to, clinical trials involve a lengthy and expensive process
with an uncertain outcome, and results of earlier studies and
trials may not be predictive of future trial results; the Company’s
clinical trials may be suspended or discontinued due to unexpected
side effects or other safety risks that could preclude approval of
the Company’s product candidates; risks related to business
interruptions which could seriously harm the Company’s financial
condition and increase its costs and expenses; dependence on key
personnel; substantial competition; uncertainties of intellectual
property protection and litigation; dependence upon third parties;
and risks related to failure to obtain U.S. Food and Drug
Administration (“FDA”) clearances or approvals and non-compliance
with FDA regulations. Investors should read the risk factors set
forth in the Company’s Annual Report on Form 10-K for the year
ended December 31, 2022 filed with the SEC, as may be amended or
supplemented from time to time by other reports the Company files
with the SEC. While the list of factors presented here is
considered representative, no such list should be considered to be
a complete statement of all potential risks and uncertainties.
Unlisted factors may present significant additional obstacles to
the realization of forward-looking statements. Forward-looking
statements included herein are made as of the date hereof, and
Hillstream expressly disclaims any obligation to update or alter
statements whether as a result of new information, future events or
otherwise, except as required by law.
Investor Relations:Email:
investorrelations@hillstreambio.comWebsite:
www.hillstreambio.com
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