Greenwich LifeSciences Announces $2.5-Million Private Placement
Greenwich LifeSciences, Inc. recently announced it has entered into a securities purchase agreement with its Chief Executive Officer, Snehal Patel, for the purchase and sale of 174,825 shares of its common stock at a purchase price of $14.30 per share in a private placement. The closing of the private placement is expected to occur on or about June 18, 2024, subject to the satisfaction of customary closing conditions.
The gross proceeds to the company from the offering are expected to be approximately $2.5 million, before deducting offering expenses payable by the company. Greenwich intends to use the net proceeds from the offering for clinical development and working capital. No investment banking fees are being paid in connection with this offering. Mr. Patel has agreed to a 1-year lock up agreement with respect to his shares of common stock acquired in the offering.
The offer and sale of the foregoing shares were made by Greenwich in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the Act), and/or Regulation D promulgated thereunder, and such securities have not been registered under the Act or applicable state securities laws. Accordingly, such securities may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Act and such applicable state securities laws.
Greenwich LifeSciences is a clinical-stage biopharmaceutical company focused on the development of GP2, an immunotherapy to prevent breast cancer recurrences in patients who have previously undergone surgery. GP2 is a 9 amino acid transmembrane peptide of the HER2 protein, a cell surface receptor protein that is expressed in a variety of common cancers, including expression in 75% of breast cancers at low (1+), intermediate (2+), and high (3+ or over-expressor) levels. Greenwich LifeSciences has commenced a Phase 3 clinical trial, FLAMINGO-01. For more information, visit www.greenwichlifesciences.com.
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