MENLO PARK, Calif., Nov. 21, 2017 /PRNewswire/ -- BioPharmX
Corporation (NYSE AMERICAN: BPMX), a specialty pharmaceutical company developing products for the dermatology market, today
announced the pricing of an underwritten public offering of 73,500,000 shares of its common stock (or pre-funded warrants to
purchase common stock in lieu thereof that are being offered to purchasers that would beneficially own more than 4.99% (or at the
election of the purchaser, 9.99%) of our outstanding common stock immediately following the consummation of the offering),
together with accompanying Series A common warrants to purchase an aggregate of 73,500,000 shares of common stock and Series B
common warrants to purchase an aggregate of 73,500,000 shares of common stock. Each share of common stock and, as
applicable, pre-funded warrant is being sold together with a Series A common warrant to purchase one share of common stock and a
Series B common warrant to purchase one share of common stock at a combined effective price to the public of $0.15. For each pre-funded warrant BioPharmX sells, the number of shares of common stock BioPharmX is
offering will be decreased on a one-for-one basis.
The Series A common warrants will be exercisable immediately at an exercise price of $0.20 per
share and will expire five years from the date of issuance. The Series B common warrants will be exercisable immediately at
an exercise price of $0.25 per share, and will expire upon the earlier of (1) the twenty-first
trading day after the date on which BioPharmX issues a press release announcing the company has entered into a strategic
licensing, collaboration, partnership or similar agreement for the commitment to fund the company's phase 3 trials for BPX-01,
and (2) the eighteen month anniversary of issuance. The pre-funded warrants, if any, will have a nominal exercise price of
$0.001 per share, will be immediately exercisable and may be exercised at any time until the
pre-funded warrants are exercised in full. The shares of common stock and pre-funded warrants, and accompanying common
warrants, will be issued separately and will be immediately separable upon issuance.
The gross proceeds to BioPharmX from this offering, prior to deducting underwriting discounts and commissions and estimated
offering expenses, and excluding the proceeds, if any, from the exercise of the warrants, are expected to be approximately
$11 million. BioPharmX intends to use the net proceeds from the offering to fund further
clinical development of its product candidate BPX-04, as well as for ongoing expenses of the company's operations and for working
capital and general corporate purposes. The offering is expected to close on November 24,
2017, subject to customary closing conditions.
Oppenheimer & Co. Inc. is acting as the sole book-running manager for the offering, and Roth Capital Partners, LLC and
Maxim Group LLC are acting as co-managers.
A registration statement relating to these securities was declared effective by the Securities and Exchange Commission (SEC)
on November 20, 2017. The offering is being made only by means of a prospectus forming part
of the effective registration statement. Copies of the final prospectus related to the offering, when available, may be
obtained for free from the SEC's website at http://www.sec.gov,
or alternatively from the offices of Oppenheimer & Co. Inc., 85 Broad Street, New York, New
York, 10004, by telephone at (212) 667-8563, or by email at EquityProspectus@opco.com.
This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any of the securities
described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation,
or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or
jurisdiction.
About BioPharmX® Corporation
BioPharmX Corporation (NYSE AMERICAN: BPMX) is a Silicon Valley-based specialty pharmaceutical company that seeks to
provide products through proprietary platform technologies for prescription, over-the-counter (OTC), and supplement applications
in the health and wellness markets, including dermatology and women's health. To learn more about BioPharmX, visit
www.BioPharmX.com.
Forward-Looking Statements
Statements in this news release relating to future events, such as statements regarding the anticipated completion,
timing, and size of the public offering and the anticipated use of net proceeds therefrom, which are not historical facts, are
"forward-looking statements." These forward-looking statements may be identified by words such as "expect," "anticipate,"
"believe," or similar expressions that are intended to identify such forward-looking statements. All forward-looking
statements are expressly qualified in their entirety by this cautionary statement and the risks and uncertainties associated with
market conditions and the satisfaction of customary closing conditions relating to the offering, as well as risks and
uncertainties detailed in the company's filings with the SEC, including the registration statement on Form S-1 relating to this
offering. These statements are based upon the current expectations and beliefs of management and are subject to certain
risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking
statements. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking
statements. The forward-looking statements included in this news release are made only as of the date hereof and the
company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise, except as may be required under applicable securities laws.
BioPharmX is a registered trademark of BioPharmX, Inc.
View original content with multimedia:http://www.prnewswire.com/news-releases/biopharmx-corporation-announces-pricing-of-public-offering-300560026.html
SOURCE BioPharmX Corporation