On January 11, 2022 Hillstream BioPharma, Inc. (NASDAQ:HILS) ("Hillstream", the "Company"), a biotechnology company developing novel therapeutic candidates targeting ferroptosis, an emerging new anti-cancer mechanism resulting in iron mediated cell death for drug resistant and devastating cancers, reported the pricing of its initial public offering of 3,750,000 shares of the Company’s common stock at a public offering price of $4.00 per share for aggregate gross proceeds of $15,000,000 prior to deducting underwriting discounts, commissions, and other offering expenses (Press release, Hillstream Biosciences, JAN 11, 2022, View Source [SID1234628147]). In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 562,500 shares of common stock at the public offering price less discounts and commissions, to cover over-allotments.
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The shares of common stock are expected to begin trading on the Nasdaq Capital Market under the ticker symbol "HILS" on January 12, 2022. The offering is expected to close on January 14, 2022, subject to satisfaction of customary closing conditions.
The net proceeds from the initial public offering will be used to advance the Company’s product candidate HSB-1216 through pre-clinical activities, completion of Phase 1 studies and manufacturing, to advance the Company’s product candidate HSB-888 through pre-clinical activities and IND submission, as well as for general corporate and working capital purposes.
ThinkEquity is acting as sole book-running manager for the offering.
The registration statement on Form S-1 (file No. 333-259821) relating to the shares being sold in this offering has been filed with the U.S. Securities and Exchange Commission (the "SEC") and became effective on January 11, 2022. A final prospectus related to the proposed offering will be filed and made available on the SEC’s website at View Source The offering is being made only by means of a prospectus. Electronic copies of the final prospectus may be obtained, when available, from ThinkEquity, 17 State Street, 22nd Floor, New York, New York 10004, by telephone at (877) 436-3673 and by email at [email protected].
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these 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.