AmpliPhi BioSciences Receiving $13 Million Financing
Tuesday, April 14, 2015
AmpliPhi BioSciences Corporation, a global leader in bacteriophage-based antibacterial therapies to treat drug resistant infections, has entered into definitive purchase agreements of common stock and warrants with a group of institutional accredited investors, including both existing and new investors, as well as with its strategic alliance partner Intrexon, to raise approximately $13,000,000 in a private placement financing.
Estimated net proceeds from the placement will be approximately $12,155,000. The private placement is expected to close on or about March 16, 2015, subject to customary closing conditions.
Roth Capital Partners and Griffin Securities, Inc. served as placement agents for the offering.
"AmpliPhi is looking forward to an exciting 2015 as our programs approach the clinic. This financing round provides the necessary capital to advance our phage therapy programs into clinical trials. Together with our world-class partners, which include notable research institutions and our strategic collaborator Intrexon Corporation, we are well positioned to finally realize the potential of phage-based therapies to make a key contribution to addressing the global need for alternative therapies that address the potentially devastating effects of drug resistant infections," said Jeremy Curnock Cook, Chairman and Interim CEO, AmpliPhi.
AmpliPhi will use the proceeds from the fundraising to advance its three programs in methicillin-resistant staphylococcus aureus (MRSA), Pseudomonas aeruginosa infections in Cystic Fibrosis and Clostridium difficile. For its most advanced phage program, AmpliPhage-002 in MRSA, AmpliPhi intends to file an IND and commence Phase I clinical trials by year-end 2015. In its P. aeruginosa program (AmpliPhage-001) the Company expects to complete inhalation toxicology studies by the end of 2015. The Company's goal with respect to AmpliPhage-004 in C. difficile is to conclude pre-clinical efficacy studies during 2015.
Commenting on Intrexon's investment into AmpliPhi, Gregory Frost, Ph.D., Senior Vice President and Head of Intrexon's Health Sector said, "We are increasing our level of commitment to these collaborative programs with AmpliPhi and are pleased to support the Company in their efforts to develop next-generation phage therapies against some of the most challenging infectious diseases."