On March 9, 2022 Brooklyn ImmunoTherapeutics, Inc. (Nasdaq: BTX) ("Brooklyn"), a biopharmaceutical company focused on exploring the role that cytokine, and gene editing/cell therapy can have in treating patients with cancer, blood disorders, and monogenic diseases, reported that it has closed its previously announced private placement with a leading healthcare investor (Press release, Brooklyn ImmunoTherapeutics, MAR 9, 2022, View Source [SID1234609775]). The gross proceeds to Brooklyn from the private placement, before deducting the placement agent’s fees and other estimated fees and expenses related to the offering payable by Brooklyn, were approximately $12 million. Brooklyn intends to use the net proceeds from the private placement for general working capital purposes.
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Pursuant to the terms of the securities purchase agreement, Brooklyn issued 6,857,142 units at a price of $1.75 per unit to the investor. Each unit consisted of one share of common stock (or one pre-funded warrant in lieu thereof), and a five-and-a-half-year warrant to purchase one share of common stock at an exercise price of $1.91 per share.
Cantor Fitzgerald & Co. acted as placement agent for the private placement.
The securities were offered and sold in a private placement and were not registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. Brooklyn has agreed to file a resale registration statement with the Securities and Exchange Commission (the "SEC"), for purposes of registering the resale of the shares of common stock issued or issuable in connection with the offering.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor may there be any sale of any securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.