Better Therapeutics, Inc. (NASDAQ: BTTX), a pioneer in
developing software to treat cardiometabolic diseases, today
announced that it issued 2,023,583 shares of its common stock under
its At-The-Market program at an average price per share of $1.19.
In addition, the Company entered into a definitive purchase
agreement for the purchase and sale of 2,897,654 shares of its
common stock in a private placement at a price per share of $0.73,
and in a concurrent registered direct offering, the Company entered
into a definitive purchase agreement for the purchase and sale of
3,859,649 shares of its common stock at a price per share of $0.57.
Total gross proceeds from these equity offerings amount to $6.7
million at an average price of $0.77 per share, before deducting
offering expenses and commissions payable by Better Therapeutics.
The private placement was principally with officers and directors
of the Company and the registered direct offering was with one
institutional investor.
Better Therapeutics intends to use the net proceeds to support
the launch of AspyreRx™, a prescription-only digital therapy
recently authorized by the U.S. Food and Drug Administration (FDA)
to treat adults with type 2 diabetes.
These equity offerings are one element of the Company’s
three-tiered financing strategy. Better Therapeutics intends to
raise the majority of its medium term financing needs through
proceeds from business development and/or structured non-equity
financing transactions, such as a royalty monetization transaction,
which the Company expects to complete before the end of the
year.
The registered direct offering and private placement are
expected to close on or about July 27, 2023, subject to the
satisfaction of customary closing conditions.
Chardan and Titan Partners Group, a division of American Capital
Partners, LLC (“Titan Partners”), are acting as co-placement agents
for the registered direct offering and concurrent private
placement.
The securities issued in the registered direct offering
described above (but not the securities issued in the concurrent
private placement) are being offered by the Company pursuant to a
shelf registration statement on Form S-3 (File No. 333- 271301),
which was filed with the Securities and Exchange Commission (SEC)
on April 17, 2023, and which became effective on April 25, 2023.
The offering of the securities in the registered direct offering is
made only by means of a prospectus, including a prospectus
supplement, forming a part of the effective registration statement.
A final prospectus supplement and accompanying prospectus relating
to the registered direct offering will be filed with the SEC.
Electronic copies of the final prospectus supplement and
accompanying prospectus may be obtained, when available, on the
SEC's website at http://www.sec.gov or by contacting Chardan at 17
State Street, Suite 2130, New York, New York 10004, at (646)
465-9000, or by email at prospectus@chardan.com or Titan Partners
at 7 World Trade Center, 46th Floor, New York, NY 10007, at (929)
833-1246, or by email at info@titanpartnersgrp.com.
The securities issued in the concurrent private placement
described above have not been registered under the Securities Act
of 1933, as amended, and may not be offered or sold in the United
States absent registration or an applicable exemption from
registration requirements. The Company has agreed to file a resale
registration statement with the SEC for purposes of registering the
resale of the shares of common stock issued in connection with the
offering.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor may there be any sale of any
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 AspyreRx
AspyreRx (fka BT-001) was granted marketing authorization by the
U.S. Food and Drug Administration (FDA) in July 2023 as the first
prescription-only digital behavioral therapeutic device delivering
a novel form of cognitive behavioral therapy (CBT) via smartphone
to treat adults with type 2 diabetes (T2D). AspyreRx is backed by
robust data demonstrating clinically meaningful and sustained
reduction in HbA1c as well as clinically meaningful improvements in
other markers of cardiometabolic health when used up to 180 days.
Using proven techniques that target the underlying psychological,
behavioral and cognitive factors that sustain or worsen T2D,
AspyreRx is a self-paced, engaging experience that patients can
access anytime/anywhere. It is prescribed by a healthcare provider
in 90-day increments, with proprietary CBT delivered digitally in a
weekly step-by-step process. Through interactive therapy lessons,
skill-building modules, weekly goal setting and tracking, patients
connect changes in behavior to improvements in blood sugar and
other biometrics. Each step in the experience builds on the prior
to enable and reinforce cognitive restructuring, building the
emotional resilience and acceptance needed to make enduring
changes.
Indications for Use
AspyreRx is a prescription-only digital therapeutic device
intended to provide cognitive behavioral therapy to patients 18
years or older with type 2 diabetes. The device targets behavior to
aid in the management of type 2 diabetes in patients who are under
the care of a healthcare provider. AspyreRx provides cognitive
behavioral therapy as a treatment that should be used adjunctively
with standard of care.
About Better Therapeutics
Better Therapeutics is a prescription digital therapeutics
company developing a novel form of cognitive behavioral therapy to
address underlying factors that sustain or worsen cardiometabolic
diseases. The Company has developed a proprietary platform for the
development of FDA-regulated, software-based solutions for T2D,
heart disease and other conditions. The CBT delivered by Better
Therapeutics’ PDT is designed to enable changes in neural pathways
of the brain so lasting changes in behavior become possible.
Addressing the underlying causes of these diseases has the
potential to dramatically improve patient health while lowering
healthcare costs. Better Therapeutics’ clinically validated mobile
applications are intended to be prescribed by physicians and
reimbursed like traditional medicines.
For more information visit: bettertx.com
Forward-Looking Statements
Certain statements made in this press release and related
comments in our earnings conference call are "forward-looking
statements" within the meaning of the safe harbor provisions under
the United States Private Securities Litigation Reform Act of 1995.
Forward-looking statements are typically identified by words such
as “plan,” “believe,” “expect,” “anticipate,” “intend,” “outlook,”
“estimate,” “forecast,” “project,” “continue,” “could,” “may,”
“might,” “possible,” “potential,” “predict,” “should,” “would” and
other similar words and expressions, but the absence of these words
does not mean that a statement is not forward-looking. The
forward-looking statements in this press release include, but are
not limited to, statements regarding the anticipated timing of and
Better Therapeutics’ ability to close the registered direct
offering and private placement in a timely fashion, the use of
proceeds from the registered direct offering and private placement
and expectations regarding Better Therapeutics’ cash runway and the
completion of other strategic initiatives, among others. These
forward-looking statements are based on the current expectations of
the management of Better Therapeutics and are inherently subject to
uncertainties and changes in circumstances and their potential
effects and speak only as of the date of such statement. There can
be no assurance that future developments will be those that have
been anticipated. These forward-looking statements involve a number
of risks, uncertainties or other assumptions that may cause actual
results or performance to be materially different from those
expressed or implied by these forward-looking statements including:
risks related to Better Therapeutics’ business, such as the
willingness of the FDA to authorize PDTs for commercial
distribution and insurance companies to reimburse their use, market
acceptance of PDTs, including AspyreRx, the risk that the results
of previously conducted studies will not be interpreted favorably
by the FDA or repeated or observed in ongoing or future studies
involving our product candidates and other risks and uncertainties
included under the header “Risk Factors” in Better Therapeutics’
quarterly report on Form 10-Q for the quarter ended March 31, 2023
filed with the SEC on May 15, 2023, and those that are included in
any of Better Therapeutics’ subsequent filings with the SEC.
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version on businesswire.com: https://www.businesswire.com/news/home/20230725657451/en/
Investor Relations: Mark Heinen IR@bettertx.com
Media Enquiries: Emma Williams
emma.williams@bettertx.com
Better Therapeutics (NASDAQ:BTTX)
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