American BriVision Increases Size of Private Placement to Raise $2 Million
Each investor will also be granted a five-year warrant at an exercise price of $6.00 per share for each share of ABVC common stock purchased.
FREMONT, CA, May 21, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- American BriVision (Holding) Corporation (OTCQB: ABVC), a clinical stage biopharmaceutical company developing therapeutic solutions in oncology/hematology, CNS and ophthalmology, today said its recently announced private placement of 444,445 common shares has been expanded to 890,000 common shares.
The company said demand for the previous offering was greater than expected, leading ABVC to increase the offering size to raise a total of approximately $2,000,000 through the sale of the 890,000 shares to qualified U.S. and non-U.S. investors at a purchase price of $2.25 per share. Each investor will also be granted a five-year warrant at an exercise price of $6.00 per share for each share of ABVC common stock purchased.
According to Dr. Howard Doong, ABVC chief executive officer, “We were pleased by the response to our private placement offering from both new investors and those who had previously invested in the company. This timely funding will support our growth goals and ensure that ABVC’s ongoing clinical drug trials proceed as planned and help move our new medicines to commercialization as quickly as possible.”
The placement is expected to close on or before June 15, 2020.
About American BriVision
American BriVision is a clinical stage biopharmaceutical company focused on utilizing its licensed technology to conduct proof-of-concept trials through Phase II of the clinical development process at world-famous research institutions (such as Stanford University, University of California at San Francisco, and Cedars-Sinai Medical Center). The company has an active pipeline of six drugs and one medical device (ABV-1701/Vitargus®) under development.
Disclaimer
Nothing in this announcement constitutes an offer to sell or the solicitation of an offer to buy any securities that may be offered as part of the transaction in any jurisdiction in which such an offer or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
Clinical trials are in early stages and there is no guarantee that any specific outcome will be achieved. Past performance is not indicative of future results. Investments may be speculative and illiquid, and there is a risk of loss.
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Contact:
Andy An – Chief Financial Officer
765-610-8826