Asterias Biotherapeutics,
Inc. (NYSE MKT: AST) (the "Company"), a leading biotechnology company in the
emerging field of regenerative medicine, announced today that it has completed
the previously announced underwritten public offering and concurrent private
placement of its common stock.
The Company raised $5.5 million in aggregate gross proceeds from the public
offering and the private placement, which it intends to use for the continued
development of product candidates through clinical trials and for working
capital and general corporate purposes.
"This investment by new and existing investors, as well as by management,
demonstrates the continued confidence in our strategic direction and the
progress achieved with respect to our two key clinical development programs
that have the potential to address significant unmet medical needs using our
pluripotent stem cell technology platform," stated Pedro Lichtinger, President
and CEO of Asterias. "Of our two lead product candidates, AST-OPC1 for the
treatment of complete cervical spinal cord injury has been cleared for a Phase
1/2a clinical trial and AST-VAC2 is expected to enter a Phase 1 clinical
trial. Our strengthened cash position, combined with the non-dilutive funding
that we secured last year from partnerships with leading scientific
institutions, provides resources and flexibility required to execute our
strategic plan in order to further advance these two products through
meaningful clinical milestones."
MLV & Co. LLC served as Sole Book-Running Manager for the public offering.
The common stock sold in the public offering was offered by the Company
pursuant to a registration statement previously filed and declared effective
by the Securities and Exchange Commission.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in