Caladrius Biosciences Announces $5.0 Million Registered Direct Offering Priced At-The-Market under Nasdaq Rules
April 23 2020 - 2:00PM
Caladrius Biosciences, Inc. (Nasdaq: CLBS) (“Caladrius” or the
“Company”), a clinical-stage biopharmaceutical company dedicated to
the development of cellular therapies designed to reverse, not
manage, cardiovascular disease, today announced that it has entered
into definitive agreements with several institutional and
accredited investors for the issuance and sale of an aggregate of
2,162,166 shares of its common stock, at a purchase price
of $2.3125 per share, in a registered direct offering priced
at-the-market under Nasdaq rules. Caladrius has also agreed to
issue to the investors unregistered warrants to purchase up to an
aggregate of 1,081,083 shares of common stock. The closing of the
offering is expected to occur on or about April 27, 2020,
subject to the satisfaction of customary closing conditions.
H.C. Wainwright & Co. is acting as the exclusive placement
agent for the offering.
The warrants have an exercise price equal to $2.25 per share,
are exercisable immediately upon issuance and will expire five and
one-half years from the issuance date.
The Company currently intends to use the net proceeds from the
offering for working capital and general corporate purposes,
including the advancement of its CD34+ technology-based clinical
programs.
The shares of common stock described above are being offered and
sold by the Company in a registered direct offering pursuant to a
“shelf” registration statement on Form S-3 (Registration No.
333-226319), including a base prospectus previously filed with, and
declared effective by the Securities and Exchange Commission (the
“SEC”) on August 2, 2018. The offering of the shares of common
stock will be made only by means of a prospectus supplement that
forms a part of the registration statement. A final prospectus
supplement and base prospectus relating to the registered direct
offering will be filed with the SEC and will be available on the
SEC's website located at http://www.sec.gov. Electronic copies of
the prospectus supplement and the accompanying base prospectus may
also be obtained by contacting H.C. Wainwright & Co., LLC at
430 Park Avenue, 3rd Floor, New York, NY 10022, by phone at
646-975-6996 or e-mail at placements@hcwco.com.
The warrants described above were offered 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, along
with the shares of common stock underlying the warrants, have not
been registered under the Act, or applicable state securities laws.
Accordingly, the warrants and the underlying shares of common stock
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.
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 any such state or
jurisdiction.
About Caladrius BiosciencesCaladrius
Biosciences, Inc. is a clinical-stage biopharmaceutical company
dedicated to the development of cellular therapies designed to
reverse, not manage, cardiovascular disease. We are developing a
first- in-class cell therapy product that is based on the notion
that our body contains finely tuned mechanisms for self-repair. Our
technology leverages and enables these mechanisms in the form of
specific cells, using formulations and modes of delivery unique to
each medical indication.
Our leadership team collectively has decades of
biopharmaceutical development experience and world-recognized
scientific achievement in the field of cardiovascular disease,
among other fields. Our goal is to build a broad portfolio of novel
and versatile products that address important unmet medical needs
and bring these products to market to benefit patients, the medical
community and our shareholders. Our current product candidates
include three developmental treatments for ischemic diseases based
on our CD34+ cell therapy platform: CLBS12, recipient of SAKIGAKE
designation (a Japanese regulatory status that is similar in
certain respects to "breakthrough therapy" designation granted by
the U.S. Food and Drug Administration (the "FDA") to eligible
investigational treatments) and eligible for early conditional
approval in Japan for the treatment of critical limb ischemia
("CLI") based on the results of an ongoing clinical trial; CLBS16,
a recently completed Phase 2 proof-of-concept clinical trial in the
U.S. for the treatment of coronary microvascular dysfunction
("CMD"); and CLBS14, an RMAT designated therapy for which we have
finalized with the FDA a protocol for a Phase 3 confirmatory trial
in subjects with no-option refractory disabling angina ("NORDA").
For more information on the company, please
visit www.caladrius.com.
Safe Harbor for Forward Looking
Statements This press release contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements reflect management’s current expectations, as of the
date of this press release, and involve certain risks and
uncertainties. All statements other than statements of historical
fact contained in this press release are forward-looking statements
including, without limitation, all statements related to the
completion of the registered direct offering, the satisfaction of
customary closing conditions related to the registered direct
offering and the intended use of net proceeds from the registered
direct offering as well as any expectations of revenues, expenses,
cash flows, earnings or losses from operations, cash required to
maintain current and planned operations, capital or other financial
items; any statements of the plans, strategies and objectives of
management for future operations; any plans or expectations with
respect to product research, development and commercialization,
including regulatory approvals; any other statements of
expectations, plans, intentions or beliefs; and any statements of
assumptions underlying any of the foregoing. Without limiting the
foregoing, the words “plan,” “project,” “forecast,” “outlook,”
“intend,” “may,” “will,” “expect,” “likely,” “believe,” “could,”
“anticipate,” “estimate,” “continue” or similar expressions or
other variations or comparable terminology are intended to identify
such forward-looking statements, although some forward-looking
statements are expressed differently. Factors that could cause
future results to differ materially from the recent results or
those projected in forward-looking statements include the “Risk
Factors” described in the Company’s Annual Report on Form 10-K
filed with the Securities and Exchange Commission (“SEC”) on March
5, 2020 and in the Company’s other periodic filings with the SEC.
The Company’s further development is highly dependent on, among
other things, future medical and research developments and market
acceptance, which are outside of its control. You are cautioned not
to place undue reliance on forward-looking statements, which speak
only as of the date of this Press Release. Caladrius does not
intend, and disclaims any obligation, to update or revise any
forward-looking information contained in this Press Release or with
respect to the matters described herein, except as required by
law.
Contact:
Investors: Caladrius Biosciences, Inc. John Menditto Vice
President, Investor Relations and Corporate Communications
Phone: +1-908-842-0084
Email: jmenditto@caladrius.com
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