SoFi CEO enters prepaid forward contract on 1.5 million shares
ROCKVILLE, Md. - Theriva Biologics, Inc. (NYSE American: TOVX), a clinical-stage biopharmaceutical company with a current market capitalization of $3.78 million, announced today the pricing of its public offering. The company, which according to InvestingPro data maintains a healthy current ratio of 2.15 but faces rapid cash burn, aims to raise approximately $7.5 million through the sale of shares and warrants. Each unit, comprising one share of common stock (or a pre-funded warrant) plus an accompanying warrant to purchase one share of common stock, is priced at $1.10. The warrants will be exercisable immediately at the same price and are set to expire five years from the date of issue.
The offering is scheduled to close tomorrow, subject to customary closing conditions. Theriva Biologics plans to allocate the net proceeds primarily for working capital and general corporate purposes. These include research and development efforts and manufacturing scale-up, which appears crucial given the company’s significant EBITDA loss of $18.59 million in the last twelve months. A portion of the funds may also be directed towards potential investments or acquisitions, although there are currently no agreements in place.
A.G.P./Alliance Global Partners is serving as the sole placement agent for the offering. The securities are being offered pursuant to an effective registration statement on Form S-1, which the Securities and Exchange Commission (SEC) declared effective today.
Theriva Biologics specializes in developing treatments for cancer and related diseases, focusing on areas with high unmet medical needs. The company’s pipeline includes VCN-01, an oncolytic adenovirus therapy; SYN-004 (ribaxamase), aimed at protecting the microbiome from certain antibiotics; and SYN-020, an enzyme therapy intended for gastrointestinal and systemic diseases.
This offering follows the company’s filing of the preliminary prospectus with the SEC, with the final prospectus to be available on the SEC’s website.
Investors and interested parties should note that this article is based on a press release statement from Theriva Biologics. The information provided here does not constitute an offer to sell or a solicitation of an offer to buy any securities.
In other recent news, Theriva Biologics announced promising results from its VIRAGE Phase 2b clinical trial for its therapeutic candidate VCN-01, targeting metastatic pancreatic ductal adenocarcinoma (PDAC). The trial revealed that patients receiving VCN-01 alongside standard chemotherapy experienced improved survival rates, with a median overall survival of 10.8 months compared to 8.6 months for those on chemotherapy alone. Progression-free survival also improved, reaching a median of 7.0 months versus 4.6 months for standard treatment. The study, involving 96 newly-diagnosed metastatic PDAC patients, showed even greater benefits for those receiving two doses of VCN-01, with median overall survival extending to 14.8 months. Safety data from the trial indicated that VCN-01 was well-tolerated, with adverse events being transient and reversible. The Independent Data Monitoring Committee confirmed the safety of VCN-01 in combination with chemotherapy across 101 patients in the U.S. and Spain. Theriva Biologics plans to use these findings to design a Phase 3 trial and engage with industry partners. The company has received Orphan Drug and Fast Track Designations from the FDA for VCN-01 in treating pancreatic cancer.
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