On April 1, 2022 Aravive, Inc. (Nasdaq: ARAV), a late clinical-stage oncology company developing targeted therapeutics to treat metastatic disease, reported that it has closed its previously announced registered direct offering priced at-the-market under Nasdaq rules with a single healthcare-focused institutional investor and Eshelman Ventures, LLC (Press release, Aravive, APR 1, 2022, View Source [SID1234611351]). In the offering, Aravive issued and sold an aggregate of 4,850,241 shares of its common stock (or common stock equivalents in lieu thereof) and warrants to purchase up to an aggregate of 4,850,241 shares of common stock. The purchase price per share and accompanying warrant was $2.005 for the institutional investor and $2.325 for Eshelman Ventures, LLC.

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H.C. Wainwright & Co. acted as the exclusive placement agent for the offering.

The warrants issued to the institutional investor are immediately exercisable, expire five years following the issuance date and have an exercise price of $1.88 per share. The warrants issued to Eshelman Ventures, LLC are exercisable upon the approval by the stockholders of the Company of previously issued securities, expire five years following the issuance date and have an exercise price of $2.20 per share.

The Company’s Executive Chairman, Fredric N. Eshelman, Pharm.D., is the founder of Eshelman Ventures, LLC.

The gross proceeds from the offering were approximately $10 million. The Company intends to use the net proceeds from the offering to continue clinical development of batiraxcept in platinum resistant ovarian cancer and clear cell renal cell carcinoma, and for general corporate purposes.

The offering of the securities described above was made only by means of a prospectus supplement and accompanying base prospectus. The Company has filed a shelf registration on Form S-3 (File No. 333-248612) (including a base prospectus) with the U.S. Securities and Exchange Commission ("SEC"), which was declared effective on November 20, 2020. A final prospectus supplement and accompanying base prospectus relating to the offering were filed with the SEC on March 31, 2022 and are available on the SEC’s website, located at www.sec.gov. Electronic copies of the prospectus supplement and the accompanying base prospectus for the offering may also be obtained by contacting H.C. Wainwright & Co., LLC, at 430 Park Ave., 3rd Floor, New York, New York 10022, by telephone at (212) 856-5711, or by email at [email protected].

This press release does not constitute an offer to sell or a solicitation of an offer to buy the securities in this offering, 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 the securities laws of any such state or other jurisdiction.