Bio-Path Holdings Inc. plans to raise about $18.5 million in a registered direct offering to several institutional investors.

The Bellaire, Texas-based biotechnology company, which develops cancer medicines, will offer 712,910 common shares at $25.95 apiece.

Proceeds from the offering will be used for working capital and general corporate purposes.

Bio-Path expects to close the offering on or about March 14, subject to closing conditions.

H.C. Wainwright & Co. is the exclusive placement agent for the offering.