BASKING RIDGE, N.J., May 26, 2020 (GLOBE NEWSWIRE) -- Caladrius Biosciences, Inc. (CLBS) (“Caladrius” or the “Company”), a clinical-stage biopharmaceutical company dedicated to the development of cellular therapies designed to reverse, not manage, disease, today announced that it has entered into definitive agreements with several institutional and accredited investors for the issuance and sale of an aggregate of 2,084,850 shares of its common stock, at a purchase price of $2.0625 per share, in a registered direct offering priced at-the-market under Nasdaq rules. Caladrius has also agreed to issue to the investors unregistered warrants to purchase up to an aggregate of 1,042,425 shares of common stock. The closing of the offering is expected to occur on or about May 28, 2020, subject to the satisfaction of customary closing conditions.
H.C. Wainwright & Co. is acting as the exclusive lead placement agent for the offering.
The warrants have an exercise price equal to $2.0625 per share, are exercisable immediately upon issuance and will expire five and one-half years from the issuance date.
The gross proceeds from the offering are expected to be approximately $4.3 million. The Company currently intends to use the net proceeds from the offering for working capital and general corporate purposes, including the advancement of its CD34+ technology-based clinical programs.