HOUSTON, Oct. 25, 2022 (GLOBE NEWSWIRE) — Aravive, Inc. ARAV (“Company”), a late clinical-stage oncology company developing targeted therapeutics to treat metastases, announced that it has entered into definitive agreements with new biotechnology investors, existing investors, senior management and the Company’s directors to underwrite and sell a Aggregats has subscribed to 45,178,811 shares of its common stock (or prefunded warrants in lieu thereof) and warrants to purchase an aggregate of up to 45,178,811 common shares in a private placement at market price in accordance with Nasdaq rules. The purchase price per share and accompanying warrant was $0.9199 for all investors participating in the transaction (or $0.9198 per pre-funded warrant and accompanying warrant). Fifty percent of the warrants will have an exercise price of $0.7949 per share and will expire on the later of the following: (i) 15 months from the date on which an increase in the number of authorized common shares is implemented; or ( ii) one month after the public release of top-line platinum-resistant ovarian cancer (PROC) Phase 3 data. The remaining 50% of the warrants have an exercise price of $0.7949 per share and will expire 30 months from the date on which an increase in the number of authorized common shares occurs. All Warrants other than the Prefunded Warrants can only be exercised for cash.
Investors in the transaction include new biotech investors: BVF Partners LP and others, as well as existing investors including Eshelman Ventures, LLC, Invus and the Company’s directors and officers.
The private placement is expected to close on October 27thth, subject to the fulfillment of customary closing conditions. The private placement will be conducted in accordance with applicable Nasdaq rules and has been priced to meet the “reserve price” requirement (as defined in the Nasdaq rules). In connection with the PIPE, the company…
