On December 11, 2019 Phoenix Biotechnology, Inc. ("Phoenix" or the "Company" www.phoenixbiotechnology.com) reported that it has completed the private placement of 1,373,400 shares of common stock for gross proceeds of $4,120,200 (Press release, Phoenix Biotechnology, DEC 11, 2019, View Source [SID1234552268]).
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The gross proceeds of the offering are expected to be used for general corporate purposes including funding Phoenix’s continuing research at The University of Texas M.D. Anderson Cancer Center, University of Nebraska and University of L’Aquila (Italy); filing and prosecuting the Company’s U.S. and international patent portfolio; and paying general and administrative expenses.
Robert A. Newman, Ph.D., President and Chief Science Officer, said, "We are grateful to have received significant new resources for our continued research efforts. The ongoing research of our lead drug against glioblastoma appears to be very promising. In addition, we are proud of the research recently published of our drug’s efficacy against HTLV-1, a virus that affects millions of people with devastating declines in their quality of life. All of our work is aimed at providing hope for those afflicted with serious diseases for which there are few, if any, meaningful therapeutic options. The funds recently raised will assist us in continuing this important work."
The shares of common stock have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. This news release does not constitute an offer to sell or the solicitation of an offer to buy any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which it would be unlawful.