BURLINGTON, Mass. - Bone Biologics Corporation (NASDAQ:BBLG), a developer of orthobiologic products, has announced the pricing of its public offering. The company is offering 781,251 shares of common stock, or equivalents, alongside warrants to purchase an equal number of shares.
Each share and accompanying warrant is priced at $2.56, with the warrants having an exercise price of $2.43 per share and being exercisable immediately. These warrants will expire five years from the date of issuance.
The offering is expected to close on or about March 6, 2024, subject to customary closing conditions. H.C. Wainwright & Co. has been appointed as the exclusive placement agent for the transaction.
Before deducting the placement agent's fees and other offering expenses, the gross proceeds from the offering are anticipated to reach approximately $2.0 million. Bone Biologics intends to allocate the net proceeds towards funding clinical trials, maintaining and extending its patent portfolio, as well as for working capital and other general corporate purposes.
The securities are being offered pursuant to a registration statement on Form S-1, which was declared effective by the Securities and Exchange Commission (SEC) today. The offering is made solely by means of a prospectus that is part of the registration statement. Interested parties can access the preliminary prospectus on the SEC's website, with the final prospectus to be available upon release.
Bone Biologics, which focuses on regenerative medicine for bone, is currently directing its development efforts towards a bone graft substitute product for spinal fusion procedures. The company also holds rights for applications in trauma and osteoporosis.
In the press release, Bone Biologics made forward-looking statements regarding its business outlook, including its plans and assumptions for the offering's completion, the use of proceeds, product development, and market opportunities. However, the company cautions that these statements are not guarantees of future performance and that actual results could differ materially.
This news is based on a press release statement from Bone Biologics Corporation.
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