MENLO PARK, Calif.,
Nov. 10, 2014 /PRNewswire/ --
BioPharmX Corporation (OTCQB: BPMX), a biotechnology company
focused on the development of novel drug delivery products to
address unmet needs in large, well-defined and underserved markets,
announced that the Company has secured up to $12 million in a Series A private placement
(Series A). The $12 million in total
funding secured includes convertible notes previously converted to
common shares, as well as the Series A private placement, which was
completed in a series of closings that occurred between
May 2014 and November 2014. The
total amount includes $2 million in
funding subject to the company achieving certain milestones. The
proceeds are being used to advance the Company's pipeline of
products in the fields of women's health and dermatology and to
fund the near-term launch and commercialization of the Company's
women's health product. The Series A private placement was led by
Korea Investment Partners (KIP), which is now represented on
BioPharmX's board of directors, and complemented by a combination
of accredited institutional investors and high-net worth private
individuals.
"We believe that the support of these investors validates the
value and marketability of our product pipeline," said Jim Pekarsky, chief executive officer and
co-founder of BioPharmX Corporation. "The capital raised is
being used in part to support commercialization of the company's
initial women's health product and to further advance research and
clinical development efforts for our future pipeline of
prescription drug and OTC products."
"We are delighted to partner with BioPharmX as they continue to
develop innovative drug-delivery technologies to address unmet
needs in large well-defined markets such as women's health and
dermatology," said Ping Wang,
Principal of Korea Investment Partners. "With BioPharmX's
solid management team, strong intellectual property portfolio and
robust pipeline of products, we believe the company has excellent
growth potential."
About BioPharmX Corporation
BioPharmX Corporation
(OTCQB: BPMX) is a Silicon Valley-based biotechnology company,
which seeks to provide innovative products through unique,
proprietary platform technologies for prescription,
over-the-counter ("OTC"), and supplement applications in the
fast-growing health and wellness markets, including women's health,
dermatology, and otolaryngology (ears, nose & throat). To
learn more about BioPharmX, visit www.BioPharmX.com.
Forward-Looking Statements
Statements in this news
release relating to the business of BioPharmX, which are not
historical facts, are "forward-looking statements." These
forward-looking statements may be identified by words such as
"expect," "anticipate," "believe," or similar expressions that are
intended to identify such forward-looking statements. All
forward-looking statements are expressly qualified in their
entirety by this cautionary statement and the risks and other
factors detailed in the company's filings with the Securities and
Exchange Commission (SEC). Given these risks and uncertainties, you
are cautioned not to place undue reliance on such forward-looking
statements. The forward-looking statements included in this news
release are made only as of the date hereof and the company
undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as may be required under
applicable securities law.
[Editor's note: See also today's news release entitled,
"BioPharmX Corporation Announces Appointment of Ping Wang of Korea Investment Partners to Board
of Directors"]
BioPharmX is a trademark of BioPharmX Corporation.
SOURCE BioPharmX Corporation