MANHATTAN BEACH, Calif., Sept. 23 /PRNewswire-FirstCall/ -- Genesis Biopharma, Inc. (OTC Bulletin Board: GNBP), a biotechnology company developing targeted cancer therapies, today announced that it has closed a private offering pursuant to which it entered into definitive agreements with accredited investors to purchase 933,341 shares of its common stock at a purchase price of $0.75 per share, together with Series A warrants to purchase 466,674 shares at an exercise price of $1.00 per share, and Series B warrants to purchase 466,674 shares at $1.25 per share. The private financing will provide gross cash proceeds to Genesis Biopharma, Inc. of approximately $700,000 from the sale of common stock and warrants.
"This financing signals an important next step," said Robert Brooke, President and CEO of Genesis Biopharma. "We are now positioned to advance our anti-CD55 antibody program, which has shown strong potential for use as a targeted cancer therapy. We also can aggressively pursue new opportunities through in-licensing and collaborations, making the upcoming months an exciting time."
About Genesis Biopharma, Inc.
Genesis Biopharma, Inc. is a development-stage biotechnology company engaged primarily in the development of targeted cancer therapies. For more information on the Company, visit http://www.genesis-biopharma.com.
The foregoing press announcement contains forward-looking statements that can be identified by such terminology as "expect", "potential", "suggests", "may", "should", "could" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from any future results, performance or achievements expressed or implied by such statements. In particular, management's expectations regarding future research, development and/or commercial results could be affected by, among other things, uncertainties relating to clinical trials and product development; availability of future financing; unexpected regulatory delays or government regulation generally; the Company's ability to obtain or maintain patent and other proprietary intellectual property protection; and competition in general. Forward-looking statements speak only as of the date they are made. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.
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SOURCE Genesis Biopharma, Inc.