WARRINGTON, Pa., March 23, 2021 /PRNewswire/ -- Windtree
Therapeutics, Inc. (NasdaqCM: WINT) ("Windtree" or the "Company"),
a biotechnology and medical device company focused on advancing
multiple late-stage interventions for acute cardiovascular and
pulmonary disorders, today announced the pricing of its previously
announced public offering of 9,230,500 shares of our common stock,
par value $0.001 per share, together
with warrants to purchase up to 9,230,500 shares of our common
stock. Each share of our common stock is being sold at a public
offering price of $3.25 per share of
common stock, together with a warrant to purchase one share of
common stock. Each warrant will have an exercise price of
$3.60 per share, will be exercisable
immediately and will expire on the fifth anniversary of the
date of issuance. The shares of our common stock and the warrants
are immediately separable and will be issued separately, but will
be purchased together in this offering.
Windtree expects to receive gross proceeds of approximately
$30.0 million, before deducting
underwriting discounts and commissions and other estimated offering
expenses. All of the shares of common stock and warrants in
the offering will be sold by Windtree. The offering is expected to
close on March 25, 2021, subject to
customary closing conditions.
Windtree intends to use the net proceeds from the proposed
offering, together with other available funds, for the continued
advancement of its lead product candidate istaroxime, a
first-in-class, dual-acting agent being developed to improve
cardiac function in patients with acute heart failure as well as in
early cardiogenic shock, including for start-up activities for a
second phase 2b clinical trial in
acute heart failure, and for the development of its other pipeline
product candidates and for working capital and general corporate
purposes.
Oppenheimer & Co. Inc. and Ladenburg Thalmann & Co. Inc.
are acting as joint book-running managers for the offering.
National Securities Corporation is acting as the lead manager for
the offering.
The offering is being conducted pursuant to Windtree's shelf
registration statement on Form S-3 (File No. 333-248874) previously
filed with the Securities and Exchange Commission ("SEC") on
September 17, 2020, and declared
effective by the SEC on September 29,
2020. A final prospectus supplement and accompanying
prospectus relating to the offering will be filed with the SEC and
will be available on the SEC's website at http://www.sec.gov.
Electronic copies of the final prospectus supplement and
accompanying prospectus relating to this offering, when available,
may be obtained from Oppenheimer & Co. Inc., Attention:
Syndicate Prospectus Department, 85 Broad Street, 26th Floor,
New York, NY, 10004, by telephone
at (212) 667-8055, or by email at equityprospectus@opco.com; or
from Ladenburg Thalmann & Co. Inc., Prospectus Department, 640
Fifth Avenue, 4th Floor, New York, New
York 10019 or by email at prospectus@ladenburg.com.
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 Windtree Therapeutics
Windtree Therapeutics, Inc. is advancing multiple late-stage
interventions for acute cardiovascular and pulmonary disorders to
treat patients in moments of crisis. Using new clinical approaches,
Windtree is developing a multi-asset franchise anchored around
compounds with an ability to activate SERCA2a, with lead candidate
istaroxime being developed as a first-in-class treatment for acute
heart failure and early cardiogenic shock in heart failure.
Windtree has also focused on developing AEROSURF® as a non-invasive
surfactant treatment for premature infants with respiratory
distress syndrome, and is facilitating transfer of clinical
development of AEROSURF® to its licensee in Asia, Lee's HK, while Windtree evaluates other
uses for its synthetic KL4 surfactant for the treatment of acute
pulmonary conditions including lung injury due to viral, chemical
and radiation induced insults. Also in its portfolio is
rostafuroxin, a novel precision drug product targeting hypertensive
patients with certain genetic profiles.
For more information, please visit the Company's website
at www.windtreetx.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of The Private Securities Litigation Reform Act of
1995. The Company may, in some cases, use terms such as "predicts,"
"believes," "potential," "proposed," "continue," "estimates,"
"anticipates," "expects," "plans," "intends," "may," "could,"
"might," "will," "should" or other words that convey uncertainty of
future events or outcomes to identify these forward-looking
statements. Such statements are based on information available to
the Company as of the date of this press release and are subject to
numerous important factors, risks and uncertainties that may cause
actual events or results to differ materially from the Company's
current expectations. Examples of such risks and uncertainties
include: risks and uncertainties associated with market conditions
and the satisfaction of customary closing conditions related to the
offering and the Company's expectations regarding the completion,
timing and size of its public offering and the use of proceeds
therefrom. These and other risks are described in the Company's
periodic reports, including the annual report on Form 10-K,
quarterly reports on Form 10-Q and current reports on Form 8-K,
filed with or furnished to the Securities and Exchange Commission
and available at www.sec.gov. Any
forward-looking statements that the Company makes in this press
release speak only as of the date of this press release. The
Company assumes no obligation to update forward-looking statements
whether as a result of new information, future events or otherwise,
after the date of this press release.
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SOURCE Windtree Therapeutics, Inc.