American BriVision Increases Size of Private Placement to Raise $2 Million
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.
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.
CAUTIONARY STATEMENT CONCERNING FORWARD LOOKING STATEMENTS
This document contains forward-looking statements. In addition, from time to time, we or our representatives may make forward-looking statements orally or in writing. We base these forward-looking statements on our expectations and projections about future events, which we derive from the information currently available to us. Such forward-looking statements relate to future events or our future performance, including: our financial performance and projections; our growth in revenue and earnings; and our business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including: our ability to change the direction of the Company; our ability to keep pace with new technology and changing market needs; our having adequate funding to conduct our clinical trials; and the competitive environment of our business, the current COVID-19 pandemic and its impact on our operations. These and other factors may cause our actual results to differ materially from any forward-looking statement. Forward-looking statements are only predictions. The forward-looking events discussed in this document and other statements made from time to time by us or our representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties and assumptions about us. We are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this document, and other statements made from time to time by us or our representatives that might occur.
Andy An – Chief Financial Officer