On December 10, 2020 Xenetic Biosciences, Inc. (NASDAQ:XBIO) ("Xenetic" or the "Company"), a biopharmaceutical company focused on advancing XCART, a personalized CAR T platform technology engineered to target patient- and tumor-specific neoantigens, reported that it has entered into a securities purchase agreement with several institutional and accredited investors providing for the purchase and sale of 2,448,980 shares of the Company’s common stock at a purchase price of $2.45 per share, in a registered direct offering priced at-the-market under Nasdaq rules (Press release, Xenetic Biosciences, DEC 10, 2020, View Source [SID1234572584]). The offering is expected to result in gross proceeds to Xenetic of approximately $6.0 million before deducting placement agent fees and other offering expenses payable by Xenetic.

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

The Company intends to use the net proceeds of this offering for general corporate purposes, working capital, and for the advancement of the XCART platform, the Company’s differentiated, proprietary approach to personalized CAR T therapy in development for the treatment of multiple tumor types of B-cell Non-Hodgkin lymphomas.

The registered direct offering is expected to close on or about December 14, 2020, subject to the satisfaction of customary closing conditions.

The shares described above are being offered by Xenetic pursuant to a "shelf" registration statement on Form S-3 (File No. 333-227572) previously filed with the U.S. Securities and Exchange Commission ("SEC") on September 27, 2018 and declared effective by the SEC on October 12, 2018. Such shares may be offered only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A final prospectus supplement and the accompanying prospectus relating to the offering will be filed with the SEC and will be available on the SEC’s website at www.sec.gov. Alternatively, when available, electronic copies of the final prospectus supplement and the accompanying prospectus may be obtained from H.C. Wainwright & Co., LLC, 430 Park Avenue, New York, NY 10022, by email at [email protected] or by phone at (646) 975-6996.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, 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.