Bio-Path Holdings Inc. closed the sale of 8,592,308 of its common shares at 13 cents apiece for gross proceeds of $1.1 million in an underwritten public offering.
The biotechnology company plans to use the net proceeds from the offering for working capital and general corporate purposes.
H.C. Wainwright & Co. acted as the sole book-running manager for the offering.
Houston's Bio-Path works as a clinical and preclinical stage oncology company. It is developing DNAbilize, a patented method of producing antisense DNA therapeutics for various indications, including cancer.
The company is presently evaluating its drug BP1001, also known as prexigebersen, in a mid-stage blood cancer trial, as well as preclinical studies for solid tumors.