Guardion Health Sciences Closes $5.8 Million Underwritten Public Offering
August 15 2019 - 4:05PM
Guardion Health Sciences, Inc. (“Guardion” or the “Company”)
(Nasdaq: GHSI), today announced the closing of its previously
announced underwritten public offering of 13,000,000 shares of its
common stock (or pre-funded warrants to purchase common stock in
lieu thereof) and warrants to purchase up to 13,000,000 shares of
the Company’s common stock. Each share of common stock was
sold together with one warrant to purchase one share of common
stock at a combined price to the public of $0.45 per share and
warrant and each pre-funded warrant was sold together with one
warrant to purchase one share of common stock at a combined price
to the public of $0.44 per share and warrant. The
shares of common stock or pre-funded warrants and the accompanying
warrants were purchased together in this offering, but were
issued separately and were immediately separable upon issuance. The
common warrants have an initial exercise price of $0.5850 and have
a 5-year term. Gross proceeds, before underwriting discounts
and commissions and estimated offering expenses, were approximately
$5.8 million.
Guardion also has granted to the underwriter a
45-day option to purchase up to an additional 1,950,000 shares of
common stock and/or warrants to purchase up to 1,950,000 shares of
common stock, at the public offering price less discounts and
commissions.
Maxim Group LLC and WallachBeth Capital, LLC
acted as joint-bookrunning managers in connection with the
offering. Westpark Capital, Inc. acted as co-manager in the
offering.
The offering was conducted pursuant to the
Company's registration statement on Form S-1 (File No. 333-233067)
previously filed with and subsequently declared effective by the
Securities and Exchange Commission ("SEC") on August 12, 2019. A
final prospectus relating to the offering has been filed with the
SEC and is available on the SEC's website at
http://www.sec.gov. Electronic copies of the final prospectus
relating to this offering may be obtained from Maxim Group LLC, 405
Lexington Avenue, 2nd Floor, New York, NY 10174, at (212)
895-3745.
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
other jurisdiction 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 Guardion Health Sciences,
Inc.
Guardion is an ocular health sciences company
that develops, formulates and distributes conditionspecific medical
foods supported by evidence-based protocols, with an initial
medical food product, Lumega-Z®, that addresses a depleted macular
protective pigment, a known risk factor for agerelated macular
degeneration (“AMD”) and a significant component of functional
vision performance. Guardion Health Sciences, Inc. has also
developed a proprietary medical device, the MapcatSF®, which
accurately measures the macular pigment density, therefore
providing the only two-pronged evidence-based protocol for the
treatment of a depleted macular protective pigment. Information and
risk factors with respect to Guardion and its business, including
its ability to successfully develop and commercialize its
proprietary products and technologies, may be obtained in the
Company’s filings with the Securities and Exchange Commission
(“SEC”) at www.sec.gov.
About VectorVision®
VectorVision®, operating through a wholly-owned
subsidiary of the Company, specializes in the standardization of
contrast sensitivity, glare sensitivity, low contrast acuity, and
ETDRS acuity vision testing. Its patented standardization system
provides the practitioner or researcher the ability to delineate
very small changes in visual capability, either as compared to the
population or from visit to visit. VectorVision®’s CSV-1000 device
is considered the standard of care for clinical trials.
Forward-Looking Statement
Disclaimer
With the exception of the historical information
contained in this news release, the matters described herein may
contain forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. Statements
preceded by, followed by or that otherwise include the words
“believes,” “expects,” “anticipates,” “intends,” “projects,”
“estimates,” “plans” and similar expressions or future or
conditional verbs such as “will,” “should,” “would,” “may” and
“could” are generally forwardlooking in nature and not historical
facts, although not all forward-looking statements include the
foregoing. The forward-looking statements include statements
regarding the Company’s process to expand into the large Asian
markets and considering additional business opportunities across
Asia. These statements involve unknown risks and uncertainties that
may individually or materially impact the matters discussed herein
for a variety of reasons that are outside the control of the
Company, including, but not limited to, the Company’s ability to
expand into the large Asian markets as planned, the Company’s
ability to conclude additional business opportunities across Asia,
the Company’s ability to raise sufficient financing to implement
its business plan, the Company’s ability to successfully develop
and commercialize its proprietary products and technologies.
Readers are cautioned not to place undue reliance on these
forward-looking statements, as actual results could differ
materially from those described in the forward-looking statements
contained herein. Readers are urged to read the risk factors set
forth in the Company’s filings with the SEC, which are available at
the SEC’s website (www.sec.gov). The Company disclaims any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
Company Contact: Michael Favish
Chief Executive Officer. Telephone: (858) 605-9055 x 201 E-mail:
mfavish@guardionhealth.com
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