PRINCETON, NJ--(Marketwired - September 16, 2016) - Adgero Biopharmaceuticals Holdings, Inc. ("Adgero" or the "Company"), a privately-held biopharmaceutical company leveraging its late stage photodynamic therapy ("PDT") platform for the treatment of serious oncology indications, announced today the final closing of $9.7 million in private placement equity financings. SternAegis Ventures, through Aegis Capital Corp., acted as the exclusive Placement Agent for the Company.
Frank Pilkiewicz, Ph.D., Chief Executive Officer and Chairman of the Board of Adgero, stated, "We are pleased with the outcome of these financings which enable us to move forward with our clinical, regulatory and commercialization strategy for our REM-001 Therapy in cutaneous metastatic breast cancer ("CMBC"). We look forward to driving significant advancements on these fronts which should result in the realization of our near-term, value-driving milestones."
The net proceeds of the private placements will be used to fund the advancement of the Company's REM-001 Therapy clinical program in CMBC.
The securities issued in the offering have not been registered under the Securities Act of 1933, as amended (the "Securities Act"). Such securities are therefore restricted in accordance with the Securities Act. 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 registration or qualification under the securities laws of any such state or jurisdiction.
Adgero Biopharmaceuticals Holdings, Inc. is a privately-held biopharmaceutical company focused on building a robust pipeline by advancing its proprietary late stage photodynamic therapy ("PDT") platform with broad utility for the treatment of serious oncology indications. Its lead product candidate, REM-001 Therapy, has demonstrated promising safety and efficacy in four Phase 2/3 clinical studies in patients with cutaneous metastatic breast cancer ("CMBC") who have failed radiation therapy. Use of Adgero's existing data or the completion of a Phase 3 trial in individuals with CMBC could lead to approval of REM-001 Therapy.
For more information, please visit www.AdgeroBiopharm.com.
This press release contains certain forward-looking statements, including those relating to the Company's product development, clinical and regulatory timelines, market opportunity, competitive position, possible or assumed future results of operations, business strategies, potential growth opportunities and other statements that are predictive in nature. The Company has made every reasonable effort to ensure the information and assumptions on which these statements are based are current, reasonable and complete. However, a variety of factors, many of which are beyond the Company's control, affect the Company's operations, performance, business strategy and results and there can be no assurances that the Company's actual results will not differ materially from those indicated herein. Additional written and oral forward-looking statements may be made by the Company from time to time. The Private Securities Litigation Reform Act of 1995 provides a safe-harbor for forward-looking statements. These statements may be identified by the use of forward-looking expressions, including, but not limited to, "expect," "anticipate," "intend," "plan," "believe," "estimate," "potential," "predict," "project," "should," "would" and similar expressions and the negatives of those terms. These statements relate to future events or our financial performance and involve known and unknown risks, uncertainties, and other factors which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Prospective investors are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date of this presentation. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.