NEW YORK and HOUSTON – June 2, 2016 – Moleculin Biotech, Inc., (Nasdaq: MBRX) today announced the closing of an initial public offering (“IPO” and or the “Offering”) of 1,540,026 common stock at a public offering price of $6.00 per share for gross proceeds of $9,240,156. Moleculin’s common stock began trading on June 2, 2016 on the NASDAQ Capital Market under the symbol “MBRX.” After pricing at the high end of its range, the stock closed on its first day of trading at $8.00.
Net proceeds of this offering will help finance a Phase II clinical trial for Annamycin, an anthracycline for the treatment of relapsed or refractory acute myeloid leukemia, more commonly referred to as AML. Other uses of the IPO funding include, license maintenance and IP prosecution costs, research, and general working capital purposes.
Walter Klemp, Chairman of Moleculin Biotech stated, “The entire team at Moleculin Biotech is more than pleased with the results of our IPO. The team worked hand in hand with our underwriters to bring the IPO to a successful conclusion, notably by providing information on the offering to our more than 77,000+ Facebook fans. This innovative process allowed us to create a strong foundation of shareholders as we begin life as a public company and progress toward our stated milestones.”
Bonwick Capital Partners LLC acted as Lead Bookrunner and Lead Underwriter, and Network 1 Financial Securities, Inc. acted as Co-Underwriter for the Offering.
About Moleculin Biotech, Inc.
Moleculin Biotech, Inc. is a preclinical and clinical-stage pharmaceutical company focused on the development of anti-cancer drug candidates, many of which are based on discoveries made at M.D. Anderson Cancer Center.
Our lead product candidate is Annamycin, a Phase II clinical stage anthracycline for the treatment of relapsed or refractory acute myeloid leukemia, more commonly referred to as AML.
We also have two active pre-clinical small molecule portfolios, one of which is focused on the modulation of hard-to-target tumor cell signaling mechanisms and the recruitment of the patient’s own immune system. The other portfolio targets the metabolism of tumors.
For more information about the offering, please visit http://www.moleculin.com
