UPDATE: Moleculin Biotech (MBRX) Announces $6M Registered Direct Offering at $0.80/Unit

Moleculin Biotech, Inc., (NASDAQ: MBRX) today announced that it has entered into definitive agreements with institutional investors to purchase an aggregate of up to 7,500,000 shares and warrants to purchase 5,625,000 shares of common stock at a combined public offering price of $0.80 per share and related warrant in a registered direct offering.

Each warrant will have an exercise price of $1.05 per share and is exercisable six months and one day after issuance. The warrants will expire five years from the date they first become exercisable. The shares of common stock and the related warrants can only be purchased together in this offering but will be issued separately and will be immediately separable upon issuance. The offering is expected to close on or about February 10, 2020, subject to customary closing conditions.

The gross proceeds of the offering are expected to be $6.0 million, prior to deducting the placement agent fees and other estimated offering expenses.

Oppenheimer & Co. Inc. is acting as the sole placement agent for the offering. Roth Capital Partners and Maxim Group LLC are acting as financial advisors to the Company.

The Company intends to use the net proceeds of the offering to fund its planned clinical trials, preclinical programs, for other research and development activities and for general corporate purposes.

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