Windtree Therapeutics, Inc. (NasdaqCM: WINT), a biotechnology and medical device company focused on developing drug product candidates and medical device technologies to address acute cardiovascular and pulmonary diseases, today announced the closing of its previously announced public offering of 2,758,620 units at a price to the public of $7.25 per unit and the exercise in full of the underwriters' option to purchase 413,793 additional shares of common stock and 413,793 additional warrants. Each unit issued in the offering consisted of one share of common stock and one warrant to purchase one share of common stock at an exercise price of $7.975 per share. The warrants are exercisable for five years from the date of issuance. The common stock and warrants were immediately separable from the units and were issued separately.
A total of 3,172,413 shares of common stock and 3,172,413 warrants to purchase up to 3,172,413 shares of common stock were issued in the offering, including the full exercise of the over-allotment option.
Windtree received net proceeds of approximately $20.2 million after deducting the underwriting discounts and commissions and estimated offering expenses. In connection with the offering, the Company's common stock began trading on The Nasdaq Capital Market on May 20, 2020, under the symbol "WINT".
"Completing this public offering and concurrently up-listing to The Nasdaq Capital Market have been key near-term objectives of ours and demonstrate the progress we have made as a company. The proceeds from this public offering will provide us with capital needed to support advancement of our lead clinical programs," said Craig Fraser, President and Chief Executive Officer. "We believe the company will also benefit from increased market visibility as a result of the listing on Nasdaq as we move forward with our multiple clinical development and business development activities."
Windtree intends to use the net proceeds from this offering primarily to advance (i) the study of KL4 surfactant to treat COVID-19 related lung injury; (ii) istaroxime acute heart failure phase 2b start-up activities; (iii) clinical development of AEROSURF® for respiratory distress syndrome; (iv) pre-clinical studies of Windtree's oral SERCA2a activators to facilitate business development opportunities; and (v) for working capital, and/or general corporate purposes.
Ladenburg Thalmann & Co. Inc. acted as sole book-running manager for the offering. National Securities Corporation acted as lead manager for the offering.
About Windtree Therapeutics
Windtree Therapeutics, Inc. is a clinical-stage, biopharmaceutical and medical device company focused on the development of novel therapeutics intended to address significant unmet medical needs in important acute care markets. Windtree has three lead clinical development programs spanning respiratory and cardiovascular disease states, including istaroxime, a novel, dual-acting agent being developed to improve cardiac function in patients with acute heart failure and cardiogenic shock; AEROSURF®, an innovative combination drug/device product candidate that is designed to deliver the Company's proprietary synthetic, peptide-containing surfactant noninvasively to premature infants with respiratory distress syndrome (RDS); and rostafuroxin, a novel precision drug product being developed to target hypertensive patients with certain genetic profiles in the important group of patients with resistant hypertension. Windtree also has multiple pre-clinical programs, including potential heart failure therapies delivered orally that are based on SERCA2a mechanism of action.
For more information, please visit the Company's website at www.windtreetx.com.
