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.
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.
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