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Greenwich LifeSciences Provides Financing Strategy & Corporate Update
STAFFORD, Texas--(BUSINESS WIRE)-- Greenwich LifeSciences, Inc. (Nasdaq: GLSI) (the “Company”), a clinical-stage biopharmaceutical company focused on the
About this update from Greenwich Lifesciences, Inc.
[{"type":"text","content":" STAFFORD, Texas--(BUSINESS WIRE)--\nGreenwich LifeSciences, Inc. (Nasdaq: GLSI) (the “Company”), a clinical-stage biopharmaceutical company focused on the development of GLSI-100, an immunotherapy to prevent breast cancer recurrences in patients who have previously undergone surgery, today announced the following:\n\n\nWe believe that the Company is well capitalized with cash balance reported on the Company’s Form 10-Q for the period ending March 31, 2022 of $19.7 million\n\n\n\nCurrent burn rate has been low due to virtual corporate structure and outsourcing strategy\n\n\n\nCommencement of Phase III clinical trial, Flamingo-01, is expected to increase burn rate gradually over time as more sites are activated, patient treatment begins, and commercial manufacturing commences\n\n\n\nRecent “at the market” (ATM) sale agreement (see description below) entered into on July 12, 2022 with one of the leading biotech investment banks is a flexible financing vehicle designed to be used over time at share prices and quantities of shares at our sole discretion\n\n\n\nWe intend to use the ATM facility opportunistically in the future and do not presently intend to use the full amount of the ATM facility\n\n\n\nWe believe that strategic use of the ATM facility could begin our transition to an investment banking syndicate and to fundamental biotech institutional investors to complement the current retail investor base\n\n\n\nAn update on the Flamingo-01 trial is expected to be provided shortly\n\n\n\nAn update on the transition from the published Phase IIb data to future publications of open label Phase III data is expected to be provided shortly\n\n\nAbout At the Market Sales Agreement\n\nAs disclosed in the Prospectus Supplement dated July 12, 2022, an ATM offering may be made from time to time through the investment bank by selling Company stock at the best available market price over time without a price discount and without warrants or additional dilutive financial structure. The number of shares that are sold will fluctuate based on the market price and demand for the Company’s common stock, and any additional conditions set by the Company. It is not possible at this stage to predict the number of shares that will be sold or the gross proceeds to be raised in connection with those sales. There can be no assurance that the Company will se...