Cyclo Therapeutics Announces Closing of $5.0 Million Private Placement with Rafael Holdings, Inc.
02 Agosto 2023 - 9:16AM
Business Wire
Cyclo Therapeutics, Inc. (Nasdaq: CYTH) (“Cyclo Therapeutics” or
the “Company”), a clinical stage biotechnology company dedicated to
developing life-changing medicines through science and innovation
for patients and families living with diseases, today announced
that it has closed the previously announced private placement with
Rafael Holdings, Inc. (NYSE:RFL) (“Rafael”) for the purchase of
4,000,000 shares of common stock of Cyclo Therapeutics and warrants
to purchase an additional 4,000,000 shares of common stock of Cyclo
Therapeutics, for an aggregate purchase price of $5,000,000. The
warrants have an exercise price of $1.25 and a term of seven
years.
Cyclo Therapeutics intends to use the net proceeds from the
financing for working capital and general corporate purposes,
including the support of its Trappsol® Cyclo™ development
programs.
N. Scott Fine, CEO of Cyclo Therapeutics, commented, “The
closing of this private placement is an important step for the
continued execution of our strategy and enables us to remain
focused on advancing our pivotal Niemann-Pick Type C study and
ultimate goal of bringing a much-needed solution to patients. We
are grateful to the Rafael team and look forward to strengthening
our partnership as we continue to advance our clinical development
program.”
William Conkling, Chief Executive Officer of Rafael, added, “We
remain highly encouraged by the continued progress of Cyclo
Therapeutics and their commitment to develop a treatment option for
people living with Niemann-Pick Disease Type C. We look forward to
working with the Cyclo Therapeutics team to bring hope to the NPC
community and continued efforts to advance Trappsol® Cyclo™.”
The securities described above were offered by Cyclo
Therapeutics in a private placement under Section 4(a)(2) of the
Securities Act of 1933, as amended (the “Act”) and Regulation D
promulgated thereunder, and such securities will not be registered
under the Act or applicable state securities laws. Accordingly,
such securities may not be offered or sold in the United States
except pursuant to an effective registration statement or an
applicable exemption from the registration requirements of the Act
and such applicable state securities laws. The securities have been
issued by the Company directly to Rafael without the services of a
placement agent or other intermediary.
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 in which such offer, solicitation or
sale would be unlawful prior to the registration or qualification
under the securities laws of any such state or other
jurisdiction.
About Rafael Holdings, Inc.
Rafael Holdings is a holding company with interests in clinical
and early-stage pharmaceutical and other companies, including an
investment in Cornerstone Pharmaceuticals, Inc., formerly known as
Rafael Pharmaceuticals Inc., a cancer metabolism-based therapeutics
company. Rafael’s primary focus has been to invest in, fund, and
develop novel cancer therapies. Rafael seeks to expand our
portfolio through strategic opportunistic investments and or
acquisitions within and outside the pharmaceutical and biotech
sectors.
About Cyclo Therapeutics
Cyclo Therapeutics, Inc. is a clinical-stage biotechnology
company dedicated to developing life-changing medicines through
science and innovation for patients and families living with
disease. The Company’s Trappsol® Cyclo™, an orphan drug designated
product in the United States and Europe, is the subject of four
formal clinical trials for Niemann-Pick Disease Type C, a rare and
fatal genetic disease, (www.ClinicalTrials.gov NCT02939547,
NCT02912793, NCT03893071 and NCT04860960). The Company is
conducting a Phase 2b clinical trial using Trappsol® Cyclo™
intravenously in early Alzheimer’s disease (NCT05607615) based on
encouraging data from an Expanded Access program for Alzheimer’s
disease (NCT03624842). Additional indications for the active
ingredient in Trappsol® Cyclo™ are in development. For additional
information, visit the Company’s website:
www.cyclotherapeutics.com.
Safe Harbor Statement
This press release contains “forward-looking statements” about
the company’s current expectations about future results,
performance, prospects and opportunities, including, without
limitation, statements regarding the satisfaction of closing
conditions relating to the offering and the anticipated use of
proceeds from the offering. Statements that are not historical
facts, such as “anticipates,” “believes” and “expects” or similar
expressions, are forward-looking statements. These statements are
subject to a number of risks, uncertainties and other factors that
could cause actual results in future periods to differ materially
from what is expressed in, or implied by, these statements,
including the risk that the closing of the transaction with Rafael
Holdings may not occur. The factors which may influence the
company’s future performance include the company’s ability to
obtain additional capital to expand operations as planned, success
in achieving regulatory approval for clinical protocols, enrollment
of adequate numbers of patients in clinical trials, unforeseen
difficulties in showing efficacy of the company’s biopharmaceutical
products, success in attracting additional customers and profitable
contracts, and regulatory risks associated with producing
pharmaceutical grade and food products. These and other risk
factors are described from time to time in the company’s filings
with the Securities and Exchange Commission, including, but not
limited to, the company’s reports on Forms 10-K and 10-Q. Unless
required by law, the company assumes no obligation to update or
revise any forward-looking statements as a result of new
information or future events.
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version on businesswire.com: https://www.businesswire.com/news/home/20230802356179/en/
Investor Contact: JTC Team, LLC Jenene Thomas (833)
475-8247 CYTH@jtcir.com
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