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Bio-Path closes $1.1M common stock offering

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.