Bio-Path Holdings Inc. expects to raise gross proceeds of about $1.1 million through an underwritten public offering of common stock.
The company is offering 8,592,308 common shares at 13 cents apiece.
Net proceeds will go toward working capital and general corporate purposes.
The offering is expected to close on or about Jan. 17, subject to customary closing conditions.
H.C. Wainwright & Co. is acting as the sole book-running manager for the offering.
Bellaire, Texas-based Bio-Path is developing DNAbilize, a patented method of producing antisense DNA therapeutics for various indications, including cancer. The company is evaluating its lead product candidate BP1001, also known as prexigebersen, in a mid-stage blood cancer trial, as well as preclinical studies for solid tumors. Bio-Path is also developing BP1002, which is expected to enter clinical trials for lymphoma and solid tumors.