Ampliphi Biosciences Corp : AmpliPhi Closes $7 Million Private Placement
AmpliPhi BioSciences Corp. (OTC:APHB), the world leader in the development of bacteriophage-based antibacterial therapies to treat drug resistant infections, announced today the completion of a successful private placement of convertible preferred stock with gross proceeds of $7 million. The financing was led by established life-sciences investors RA Capital Management and Third Security, LLC, with participation from BioScience Managers Pty Ltd.
"We are very pleased to have the support of these outstanding life science investors," said Philip J. Young, President and Chief Executive Officer of AmpliPhi. "The financing will allow us to more rapidly advance the development and commercialization of a variety of bacteriophage-containing human therapeutics for use in the treatment of bacterial infections."
Under the terms of the financing, the Company has issued an aggregate amount of approximately 5 million shares of the Company's newly created Series B convertible preferred stock for an aggregate purchase price of $7 million. Each preferred share is convertible into 10 shares of common stock. Additionally, the Company has issued warrants to purchase an aggregate of up to approximately 17.5 million shares of common stock at an exercise price of $0.14 per share. In connection with the financing, outstanding convertible notes with an aggregate principal value of approximately $6.3 million have converted into approximately 5 million shares of Series B convertible preferred stock, together with warrants to purchase approximately 12.5 million shares of common stock at an exercise price of $0.14 per share.
In conjunction with this financing transaction, Julian P. Kirk, Managing Director of Third Security, LLC, will join AmpliPhi's Board of Directors. Mr. Jeremy Curnock Cook, Chairman of the Board of Directors, commented, "The addition of Julian is an important milestone in the continued evolution of AmpliPhi. We are excited to be welcoming him to the board and look forward to his guidance through the continued strategic, operational and financial growth of the company." In addition, Dr. Caroline Williams and Mr. Anthony Gellert have resigned from the Board of Directors. "We thank Caroline and Tony for their service and contribution to the progress of the Company," added Mr. Curnock Cook.
Griffin Securities, Inc. served as lead placement agent and Philip Capital served as co-placement agent to AmpliPhi Biosciences, Inc. in connection with the transaction.
About AmpliPhi BioSciences Corp.
AmpliPhi BioSciences Corp. is a biotechnology company focused on the development and commercialization of novel bacteriophage-based therapeutics for difficult to treat infectious diseases, which includes treatments for bacterial infections associated with Pseudomonas aeruginosa, Methicillin-resistant Staphylococcus Aureus (MRSA), Escherichia coli (E. coli), and Clostridium difficile (C. difficile). AmpliPhi was created in 2011 through the merger of BioControl Ltd with Targeted Genetics Inc. and subsequent combination with Special Phage Services in 2012. The Company is US-headquartered in Richmond, Virginia and has operations in Colworth, UK and Sydney, Australia. For more information, visit www.ampliphibio.com
More information about the company is available at www.ampliphibio.com
Statements in this press release about the potential use of bacteriophages to treat bacterial infections and the development of bacteriophage-based therapies are forward looking statements subject to risks and uncertainties, including without limitation the risk that such therapies may not be successfully developed, will require extensive and expensive pre-clinical and clinical testing, may not be safe or efficacious, and may not be approved for marketing by the United States Food and Drug Administration or any foreign regulatory agency.
For more information regarding AmpliPhi BioSciences Corp.:
Philip J. Young
The Shoreham Group LLC
+1 212 242 7777
College Hill Life Sciences
Gemma Howe / Stefanie Bacher - UK
+44 20 7457 2020
Sue Charles - Managing Partner - Global
+44 (0)7968 726585 (UK)
+1 347 448 3210 (USA)
Dr Douglas Pretsell ? AUS
+61 (0)466 925 966