MENLO PARK, Calif.,
Sept. 26, 2016 /PRNewswire/
-- BioPharmX Corporation (NYSE MKT: BPMX) ("BioPharmX" or the
"Company"), a specialty pharmaceutical company focusing on
dermatology and women's health, today announced that it has entered
into a definitive agreement with institutional investors to
purchase shares of common stock for aggregate gross proceeds of
approximately $930,000 in a
registered direct offering. The closing of the offering is expected
to take place on or about September 29,
2016, subject to the satisfaction of customary closing
conditions.
In connection with the offering, the Company will issue
approximately 1,550,000 registered shares of common stock at a
purchase price of $0.60 per
share. Concurrently in a private placement, for each share of
common stock purchased by an investor, such investor will receive
from the Company an unregistered warrant to purchase $0.80 shares of common stock. The warrants
have an exercise price of $0.75 per
share, and shall be initially exercisable six months following
issuance and terminate five years following the initial exercise
date.
Rodman & Renshaw, a unit of H.C. Wainwright & Co., LLC,
acted as the exclusive placement agent in connection with this
offering.
BioPharmX intends to use the net proceeds to obtain additional
capital for working capital and for other general corporate
purposes.
The shares of common stock (but not the warrants or the shares
of common stock underlying the warrants) will be offered and sold
by the Company pursuant to an effective shelf registration
statement on Form S-3, which was filed with the Securities and
Exchange Commission (the "SEC") on January
19, 2016 and subsequently declared effective on February 4, 2016 (File No. 333-209026) (the
"Registration Statement"), and the base prospectus dated as of
February 4, 2016 contained therein.
The Company will file a prospectus supplement with the SEC in
connection with the sale of the shares. Copies of the prospectus
supplement, together with the accompanying prospectus, when
available, can be obtained at the SEC's website at
http://www.sec.gov, from request at H.C. Wainwright & Co., 430
Park Avenue, New York, NY, 10022,
or by e-mailing placements@hcwco.com.
The warrants and the shares of common stock underlying the
warrants to be issued in the offering have not been registered
under the Securities Act of 1933, as amended (the "Securities
Act"), or applicable state securities laws. Accordingly, the
warrants and underlying shares of common stock underlying the
warrants 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 Securities 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 any of the securities described
herein. There shall not be any offer, solicitation of an offer to
buy, or sale of securities in any state or jurisdiction in which
such an offering, solicitation, or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
About BioPharmX® Corporation
BioPharmX Corporation
(NYSE MKT: BPMX) is a Silicon Valley-based specialty pharmaceutical
company, which seeks to provide products through proprietary
platform technologies for prescription, over-the-counter (OTC), and
supplement applications in the health and wellness markets,
including dermatology and women's health. To learn more about
BioPharmX, visit www.BioPharmX.com.
Forward-Looking Statement
The information in this
press release contains forward-looking statements and information
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, which are subject to the "safe harbor" created by those
sections. This press release contains forward-looking statements
about the company's expectations regarding the completion, timing
and use of proceeds of the offering. These forward-looking
statements may be identified by words such as "will," "can,"
"plan," "expect," "anticipate," "believe," or the negative of these
terms, and similar expressions that are intended to identify
forward-looking statements. These forward-looking statements
involve both known and unknown risks and uncertainties, as well as
assumptions, which, if they do not fully materialize or prove
incorrect, could cause our results to differ materially from those
expressed or implied by such forward-looking statements. Such risks
and uncertainties include those described in the company's filings
with the Securities and Exchange Commission, including our Annual
Report on Form 10-K for the year ended January 31, 2016 and our Quarterly Reports on
Form 10-Q. Given these risks and uncertainties, you are cautioned
not to place undue reliance on such forward-looking statements. All
information included in this press release or cited herein is
provided only as of the date hereof and the company undertakes no
obligation to publicly update or revise any such statement, whether
as a result of new information, future events or otherwise, except
as may be required under applicable securities laws.
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SOURCE BioPharmX Corporation