Hemispherx Biopharma Inc (NYSEAMERICAN:HEB) said Thursday it has extended the subscription period for its $8 million rights offering until 5 pm ET on March 5, 2019.
Proceeds from the offering will be used to fund the biopharmaceutical company’s trials for its anti-cancer agent Ampligen.
According to the terms of the deal, the pricing remains $1,000 per unit, consisting of one share of Series B convertible preferred stock with a stated value of $1,000 (and immediately convertible into Hemispherx’s common stock) and warrants to purchase Hemispherx’s common stock.
The Series B convertible preferred stock conversion price will now be $0.20 and each unit will now consist of 5,000 warrants to purchase Hemispherx’s common stock at an adjusted exercise price of $0.20. The warrants will be exercisable for five years after the date of issuance.
Holders of stock or related options and warrants who wish to participate in the rights offering must deliver a signed subscription rights statement, along with payment, to the subscription agent via mail, hand or overnight courier, before 5 pm ET on March 5.
The subscription agent is American Stock Transfer & Trust Company LLC.
All of the members of the Ocala, Florida-based company’s senior management and board of directors are planning to participate in the rights offering, the company said.
Hemispherx’s flagship products include the Argentina-approved Ampligen, which treats chronic fatigue syndrome and cancer, and the FDA-approved drug Alferon N Injection, a treatment for genital warts.
Hemispherx shares added 6.26% to finish at US$0.18 on Wednesday.