Greenwich LifeSciences Announces $2.5 Million Private Placement
14 Juni 2024 - 12:00PM
Greenwich LifeSciences, Inc. (Nasdaq: GLSI) (the "Company" or
"Greenwich"), a clinical-stage biopharmaceutical company focused on
its Phase III clinical trial, FLAMINGO-01, which is evaluating
GLSI-100, an immunotherapy to prevent breast cancer recurrences,
today announced that 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 one 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.
This press release shall not constitute an offer
to sell or a solicitation of an offer to buy these securities, nor
shall there be any sale of these securities in any state or other
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 other jurisdiction.
About Greenwich LifeSciences,
Inc.
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 III clinical trial, FLAMINGO-01. For more
information on Greenwich LifeSciences, please visit the Company's
website at www.greenwichlifesciences.com and follow the Company's
Twitter at https://twitter.com/GreenwichLS.
Forward-Looking Statement
Disclaimer
Statements in this press release contain
"forward-looking statements" that are subject to substantial risks
and uncertainties. All statements, other than statements of
historical fact, contained in this press release are
forward-looking statements. Forward-looking statements contained in
this press release may be identified by the use of words such as
"anticipate," "believe," "contemplate," "could," "estimate,"
"expect," "intend," "seek," "may," "might," "plan," "potential,"
"predict," "project," "target," "aim," "should," "will," "would,"
or the negative of these words or other similar expressions,
although not all forward-looking statements contain these words.
Forward-looking statements are based on Greenwich LifeSciences
Inc.'s current expectations and are subject to inherent
uncertainties, risks and assumptions that are difficult to predict,
including statements regarding the intended use of net proceeds
from the public offering; consequently, actual results may differ
materially from those expressed or implied by such forward-looking
statements. Further, certain forward-looking statements are based
on assumptions as to future events that may not prove to be
accurate. These and other risks and uncertainties are described
more fully in the section entitled "Risk Factors" in Greenwich
LifeSciences' Annual Report on Form 10-K for the year ended
December 31, 2023 and other periodic reports filed with the
Securities and Exchange Commission. Forward-looking statements
contained in this announcement are made as of this date, and
Greenwich LifeSciences, Inc. undertakes no duty to update such
information except as required under applicable law.
Company ContactSnehal
PatelInvestor RelationsOffice: (832) 819-3232Email:
info@greenwichlifesciences.com
Investor & Public Relations Contact
for Greenwich LifeSciencesDave GentryRedChip Companies
Inc.Office: 1-800-RED CHIP (733 2447)Email: dave@redchip.com
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