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Bio-Path announces $18.5 million stock offering

Bio-Path is looking to raise more than $18 million with the offering
Vials of blood and view under a microscope
Bio-Path’s leading drug candidate, prexigebersen, is in a Phase 2 study for blood cancers

Bio-Path Holdings Inc (NASDAQ:BPTH) entered into an agreement to sell nearly 713,000 shares of common stock, potentially netting the company about $18.5 million, the company announced Tuesday. The share price will be set at $25.95 apiece.

The Bellaire, Texas-based biotech company plans to use the proceeds for working capital and general corporate purposes.

Investors liked what they heard, sending the share price up 8.4% to $35.16.

READ: Bio-Path extends rally after reporting clinical improvement in Phase 2 leukemia trial

The offer Is expected to close on March 14.

Bio-Path’s leading drug candidate, prexigebersen, is in a Phase 2 study for blood cancers and preclinical studies for solid tumors.

Contact Andrew Kessel at [email protected]

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