MENLO PARK, Calif.,
April 26, 2017 /PRNewswire/ --
BioPharmX Corporation (NYSE MKT: BPMX), a specialty pharmaceutical
company developing products for the dermatology market, announced
that it is has entered into securities purchase agreements with
certain existing institutional investors for the purchase and sale
of 6,410,258 shares of common stock at a price of $0.78 per share with 50% warrant coverage
(representing warrants to purchase up to 3,205,129 shares of common
stock) in a registered direct offering. The warrants will be
exercisable at an exercise price of $0.90 per share beginning six months following
the closing date and will expire five years from the date they
become exercisable. The gross proceeds of the offering are
expected to be approximately $5.0
million.
Net proceeds of the offering will be used to advance the
BioPharmX dermatology-focused drug delivery and clinical programs,
including advancing the company's lead product BPX-01, and general
corporate purposes.
The offering is expected to close on April 28, 2017, subject to customary closing
conditions.
Roth Capital Partners acted as sole placement agent.
The shares of common stock, warrants, and shares issuable upon
exercise of the warrants were offered by BioPharmX pursuant to a
shelf registration statement on Form S-3 (File No. 333-209026)
which was declared effective by the Securities and Exchange
Commission (SEC) on February 4, 2016.
A prospectus supplement relating to the offering will be filed with
the SEC.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any of the securities described
herein, 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. When available,
copies of the prospectus supplement and accompanying base
prospectus relating to this offering may be obtained from Roth
Capital Partners, 888 San Clemente Drive, Suite 400, Newport Beach, CA 92660, (800) 678-9147 or by
accessing the SEC's website, www.sec.gov.
About BioPharmX® Corporation
BioPharmX Corporation (NYSE MKT: BPMX) is a Silicon Valley-based
specialty pharmaceutical company that seeks to provide products
through proprietary platform technologies for prescription,
over-the-counter and supplement applications in 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, plans, intentions and strategies, including, but not
limited to, our ability to close the offering, the gross proceeds
from the offering, and our intended use of the proceeds from the
offering. These forward-looking statements may be identified by
words such as "may", "plan", "expect," "anticipate," "believe," or
similar expressions that are intended to identify such
forward-looking statements. These forward-looking statements
involve 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. The risks and uncertainties
include those described in the company's filings with the
Securities and Exchange Commission. 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 laws.
BioPharmX is a registered trademark of BioPharmX, Inc.
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SOURCE BioPharmX Corporation