Panbela Announces Pricing of Approximately $8.5 Million Public Offering
16 Junho 2023 - 9:15AM
Panbela Therapeutics, Inc. (Nasdaq: PBLA), a
clinical stage company developing disruptive therapeutics for the
treatment of patients with urgent unmet medical needs, today
announced the pricing of a public offering of (i) 2,270,000 shares
of its common stock or pre-funded warrants in lieu thereof and (ii)
two classes of warrants to purchase up to an aggregate of 4,540,000
shares of its common stock (the “Public Warrants”) at a purchase
price of $3.75 per share and associated Public Warrants. The Public
Warrants will have an exercise price of $3.75 per share, are
exercisable upon issuance, and will expire five years following the
date of issuance. The offering is expected to close on or about
June 21, 2023, subject to customary closing conditions.
Roth Capital Partners is acting as sole placement agent of the
offering.
Gross proceeds, before deducting placement agent fees and
commissions and offering expenses, are expected to be approximately
$8.5 million. The Company intends to use the net proceeds from the
proposed offering for the continued clinical development of its
product candidates, working capital, business development and other
general corporate purposes, which may include repayment of
debt.
The securities described above are being offered pursuant to a
registration statement on Form S-1 (File No. 333-271729), as
amended, that was declared effective by the U.S. Securities and
Exchange Commission (“SEC”), on June 15, 2023. The offering is
being made solely by means of a prospectus. Copies of the
accompanying prospectus relating to and describing the terms of the
offering may be obtained, when available, at the SEC’s website at
www.sec.gov or by contacting Roth Capital Partners, LLC, 888 San
Clemente Drive, Suite 400, Newport Beach, CA 92660 or by email at
rothecm@roth.com.
This press release does not and shall not constitute an offer to
sell or the solicitation of an offer to buy any 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 registration or qualification under the
securities laws of any such state or other jurisdiction. Any offer,
if at all, will be made only by means of a prospectus, including a
prospectus supplement, forming a part of the effective registration
statement.
About PanbelaPanbela Therapeutics, Inc. is
a clinical-stage biopharmaceutical company developing disruptive
therapeutics for patients with urgent unmet medical needs.
Panbela’s lead assets are Ivospemin (SBP-101) and Flynpovi. Further
information can be found
at www.panbela.com . Panbela’s
common stock is listed on The Nasdaq Stock Market LLC under the
symbol “PBLA”.
Cautionary Statement Regarding Forward-Looking
StatementsThis press release contains
“forward-looking statements,” including within the meaning of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements can be identified by words
such as: “anticipate,” “believe,” “can,” “design,”
“expect,” “focus,” “intend,” “may,” “plan,” “positioned,”
“potential,” and “will.” All statements other than statements of
historical fact are statements that should be deemed
forward-looking statements. Forward-looking statements are
neither historical facts nor assurances of future
performance. Instead, they are based only on our current
beliefs, expectations, and assumptions regarding the future of our
business, future plans and strategies, projections,
anticipated events and trends, the economy and other future
conditions. Because forward-looking statements relate to the
future, they are subject to inherent uncertainties, risks and
changes in circumstances that are difficult to predict
and many of which are outside of our control. Our
actual results and financial condition may differ materially and
adversely from the forward-looking statements. Therefore, you
should not rely on any of these forward-looking
statements. Important factors that could cause our actual
results and financial condition to differ materially from those
indicated in the forward-looking statements include, among others,
the following: (i) our ability to obtain additional funding to
execute our business and clinical development plans; (ii) progress
and success of our clinical development program; (iii) the impact
of the current COVID-19 pandemic on our ability to conduct our
clinical trials; (iv) our ability to demonstrate the safety and
effectiveness of our product
candidates: ivospemin (SBP-101) and
eflornithine (CPP-1X); (v) our reliance on a third party
for the execution of the registration trial for our product
candidate Flynpovi ; (vi) our ability to obtain
regulatory approvals for our product candidates, SBP-101
and CPP-1X in the United States, the European Union or
other international markets; (vii) the market acceptance and level
of future sales of our product candidates, SBP-101 and CPP-1X;
(viii) the cost and delays in product development that may result
from changes in regulatory oversight applicable to our product
candidates, SBP-101 and CPP-1X; (ix) the rate of progress in
establishing reimbursement arrangements with third-party payors;
(x) the effect of competing technological and market developments;
(xi) the costs involved in filing and prosecuting patent
applications and enforcing or defending patent claims; (xii)
our ability to maintain the listing of our common stock on
a national securities exchange; and (xiii) such other
factors as discussed in Part I, Item 1A under the caption “Risk
Factors” in our most recent Annual Report on Form 10-K, any
additional risks presented in our Quarterly Reports on Form 10-Q
and our Current Reports on Form 8-K. Any forward-looking
statement made by us in this press release is based on information
currently available to us and speaks only as of the date on which
it is made. We undertake no obligation to publicly
update any forward-looking statement or reasons why actual results
would differ from those anticipated in any such
forward-looking statement, whether written or oral,
whether as a result of new information, future
developments or otherwise.
Contact Information:
Investors:
James Carbonara
Hayden IR
(646) 755-7412
james@haydenir.com
Media:
Tammy Groene
Panbela Therapeutics, Inc.
(952) 479-1196
IR@panbela.com
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