RICHMOND, Va. & COLWORTH, United Kingdom & SYDNEY -- (BUSINESS WIRE) -- AmpliPhi BioSciences Corporation (OTCBB:APHB), the global leader in the development of bacteriophage-based antibacterial therapies to treat drug resistant infections, announced today that it has completed the sale of approximately $18 million of common stock in a private placement financing. The Company has issued an aggregate of 72,007,000 shares of the Company’s common stock at a price per share of $0.25. Net proceeds from the placement are approximately $16.9 million.
“We are very pleased to have the support of both existing and new life science investors”, said Philip J. Young, President and Chief Executive Officer of AmpliPhi. “The financing will allow us to accelerate development of the company’s bacteriophage-containing human therapeutics for use in the treatment of bacterial infections.”
Roth Capital Partners and Griffin Securities, Inc. served as placement agents for the offering.
The securities offered in this private placement transaction have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or applicable state securities laws. Accordingly, the 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 Securities Act and such applicable state securities laws. Pursuant to the terms of a registration rights agreement entered into with the investors, the Company has agreed to file a registration statement with the Securities and Exchange Commission registering the resale of the shares of common stock sold in the offering. Any offering of the Company’s securities under the resale registration statement referred to above will be made only by means of a prospectus.
This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such jurisdiction.
About AmpliPhi BioSciences
AmpliPhi BioSciences Corporation (OTCBB:APHB) is a biotechnology company focused on the development and commercialization of novel bacteriophage-based therapeutics. The Company’s product development programs target infections that are often resistant to existing antibiotic treatments. AmpliPhi is collaborating with a number of leading organizations, including Intrexon Corporation (NYSE:XON), the U.S. Army and UK-based University of Leicester, to rapidly advance bacteriophage-based therapies. The Company is US-headquartered in Richmond, Virginia and has operations in Colworth, UK and Sydney, Australia. For more information, visit www.ampliphibio.com.
Bacteriophages are naturally occurring viruses that are highly specific for the bacterial hosts they infect. They can rapidly kill their host, amplifying themselves in the process. Bacteriophages are unaffected by antibiotic resistance and are able to disrupt bacterial biofilms. Such biofilms are a major line of defence for bacteria, contributing to antibiotic resistance. Bacteriophages are able to penetrate biofilms and replicate locally to high levels, to produce strong local therapeutic effects.
Forward Looking Statements
To the extent that this press release discusses expectations or otherwise makes statements about the future, such statements are forward-looking and are subject to a number of risks and uncertainties that could cause actual results to differ materially from the statements made, including without limitation the risk that bacteriophage-based therapies may not be successfully developed, will require extensive and expensive pre-clinical and clinical testing, may not be safe or efficacious, and may not be approved for marketing by the United States Food and Drug Administration or any foreign regulatory agency. The Company does not undertake any obligation to update any forward-looking statements to reflect future events or circumstances after the date of such statements.