Matinas BioPharma Holdings, Inc. (OTCQB: MTNB) is a biopharmaceutical company that is engaged in the clinical-stage. The company’s treatments help treat fungal and bacteria infections, using its lipid crystal drug delivery platform. Shares of Matinas BioPharma Holdings, Inc. are sliding 14.60% during early trading on Tuesday, September 13, 2016. Over the past three months, the biopharmaceutical company has seen average daily volume of around 62,279 shares. However, nearly 90,400 shares or dollar volume of $103,960 has already exchanged hands during early trading Tuesday.
Shares of Matinas BioPharma Holdings, Inc. are rallying 14.60% today, after management released news that details of a private placement. According to the biopharmaceutical company, $8 million in private placement equity funding has been finalized with a group of accredited investors. Investors received 1.6 million shares of Series A preferred shares, which have a purchase price of $5.00. Overall, Matinas BioPharma Holdings, Inc. walked away from net proceeds of $6.9 million. Here is the press release detailing of the private placement:
Matinas BioPharma Holdings, Inc. Press Release:
BEDMINSTER, N.J., Sept. 13, 2016 (GLOBE NEWSWIRE) — Matinas BioPharma Holdings, Inc. (“Matinas BioPharma” or the “Company”) (MTNB), a clinical-stage biopharmaceutical company focused on identifying and developing safe and effective broad spectrum therapeutics for the treatment of serious and life-threatening infections, today announced the final closing of an $8.0 million private placement equity financing, which represents the full amount of the offering. The Company sold to accredited investors an aggregate of 1,600,000 Series A Preferred Shares at a purchase price of $5.00 per share.
The net proceeds to the Company from the offering were approximately $6.9 million. The net proceeds will be used for research and development activities, a new manufacturing facility and for working capital and general corporate purposes.
SternAegis Ventures, through Aegis Capital Corp., acted as the exclusive Placement Agent for the offering. Participants in the offering included members of the Board of Directors and management of the Company and affiliates of the Placement Agent.
The securities issued in the offering have not been registered under the Securities Act of 1933, as amended (the “Securities Act”). Such securities are therefore restricted in accordance with Rule 144 under the Securities Act.
This Press Release does not constitute an offer to sell or the solicitation of an offer to buy any security. The securities described herein have not been registered under the Securities Act or applicable state securities laws and may not be offered or solid in the United States or any state thereof absent registration under the Securities Act and applicable state securities laws or an applicable exemption from registration requirements.
About Matinas BioPharma Holdings, Inc.
Matinas BioPharma is a clinical-stage biopharmaceutical company focused on identifying and developing safe and effective broad spectrum therapeutics for the treatment of serious and life-threatening infections. The Company’s proprietary, disruptive technology utilizes lipid-crystal nano-particle cochleates to nano-encapsulate existing drugs, making them safer, more tolerable, less toxic and orally bioavailable. The Company’s lead drug candidate is MAT2203, an orally-administered, encochleated formulation of amphotericin B (a broad spectrum fungicidal agent). The Company has an open Investigational New Drug (IND) application for MAT2501, which is an orally-administered, encochleated formulation of amikacin (a broad spectrum aminoglycoside antibiotic agent) for acute bacterial infections, including non-tuberculous mycobacterium (NTM) and multi-drug resistant gram negative bacterial infections. In addition, the Company is exploring development and partnership options for MAT9001, a prescription-only omega-3 fatty acid-based composition under development for hypertriglyceridemia, which has shown superiority versus Vascepa® (icosapent ethyl) in reducing serum triglycerides, Total- and Non-HDL-Cholesterol, apolipoproteins and PCSK9 levels.
The Company’s lead anti-infective product candidates, MAT2203 and MAT2501, position Matinas BioPharma to become a leader in the safe and effective delivery of anti-infective therapies utilizing its proprietary lipid-crystal nano-particle cochleate formulation technology. For more information, please visit www.matinasbiopharma.com and connect with the Company on Twitter, LinkedIn, Facebook, and Google+.