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Blue Water Vaccines Announces Closing of $8 Million Private Placement Priced At-the-Market Under Nasdaq Rules
Proceeds To Fund Research and Development of BWV-101, BWV-102 and BWV-103 CINCINNATI, April 20, 2022 (GLOBE NEWSWIRE) -- Blue Water Vaccines Inc. (“BWV” or
About this update from Onconetix, Inc.
[{"type":"text","content":"Proceeds To Fund Research and Development of BWV-101, BWV-102 and BWV-103\nCINCINNATI, April 20, 2022 (GLOBE NEWSWIRE) -- Blue Water Vaccines Inc. (“BWV” or “Blue Water Vaccines” or the “Company”), a biopharmaceutical company developing transformational vaccines to address significant global health challenges, today announced the closing of its previously announced private placement of 1,180,812 shares of common stock (or common stock equivalents in lieu thereof), that was priced at-the-market under Nasdaq rules. The Company also issued to investors unregistered preferred investment options (the “investment options”) to purchase up to an aggregate of 1,180,812 shares of common stock. The purchase price for one share of common stock (or common stock equivalent) and one investment option was $6.775. The investment options have an exercise price of $6.65 per share, are exercisable immediately, and have a term equal to four years. H.C. Wainwright & Co. acted as the exclusive placement agent for the offering. The gross proceeds from the private placement were approximately $8.0 million, before deducting placement agent fees and other offering expenses. The Company intends to use the net proceeds from the private placement for the research and development of its pipeline as well as for working capital and other general corporate purposes. The offer and sale of the foregoing securities were made in a transaction not involving a public offering and the securities have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or applicable state securities laws. Accordingly, the securities may not be reoffered or resold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws. Pursuant to a registration rights agreement with investors, BWV has agreed to file a resale registration statement covering the securities described above within twenty days of April 13, 2022. This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under...