Bio-Path Holdings Inc., which develops cancer medicines, closed an $18.5 million registered direct offering.
The Bellaire, Texas-based biotechnology company sold 712,910 common shares at $25.95 apiece.
Bio-Path said it planned to use the net proceeds from the offering for working capital and general corporate purposes.
H.C. Wainwright & Co. was exclusive placement agent for the offering.
Bio-Path's lead product candidate, prexigebersen, is being studied in a phase 2 trial for blood cancers and is in preclinical studies for solid tumors.