\n\n PolyPid Announces Private Placement for $16 Million in Gross Proceeds\n \n
\n \nPETACH TIKVA,\u00a0Israel,
Under the securities purchase agreement, the investors have agreed to purchase 3,371,312 of the Company\u2019s ordinary shares, no par value per share (the \u201cOrdinary Shares\u201d), or pre-funded warrants in lieu thereof, at a purchase price of
The PIPE is expected to close on
The offer and sale of the foregoing securities are being made in a transaction not involving a public offering and the securities have not been registered under the Securities Act of 1933, as amended (the \u201cSecurities Act\u201d), or applicable state securities laws. Accordingly, the securities may not be reoffered or resold in
This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities, nor shall there be any sale of the securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction.
\nAbout D-PLEX100
\nD-PLEX100,\u00a0PolyPid\u2019s lead product candidate, is designed to provide local prolonged and controlled anti-bacterial activity directly at the surgical site to prevent surgical site infections (SSIs). Following the administration of D-PLEX100\u00a0into the surgical site, the PLEX (Polymer-Lipid Encapsulation matriX) technology pairs with Active Pharmaceutical Ingredients, enabling a prolonged and continuous release of the broad-spectrum antibiotic doxycycline, resulting in a high local concentration of the drug for a period of 30 days for the prevention of SSIs, with additional potential to prevent SSIs caused by antibiotic-resistant bacteria at the surgical site. D-PLEX100\u00a0received\u00a0Breakthrough Therapy\u00a0Designation\u00a0from the\u00a0U.S.\u00a0Food and Drug Administration for the prevention of SSIs in patients undergoing elective colorectal surgery. D-PLEX100\u00a0 is currently in Phase 3 SHIELD II\u00a0trial for the prevention of surgical site infections in patients undergoing open abdominal colorectal surgery with large incisions.
\nAbout\u00a0PolyPid
\nFor additional Company information, please visit\u00a0http://www.polypid.com\u00a0and follow us on\u00a0Twitter\u00a0and\u00a0LinkedIn.
\nForward-looking Statements
\nThis press release contains \u201cforward-looking statements\u201d within the meaning of the Private Securities Litigation Reform Act and other securities laws. Words such as \u201cexpects,\u201d \u201canticipates,\u201d \u201cintends,\u201d \u201cplans,\u201d \u201cbelieves,\u201d \u201cseeks,\u201d \u201cestimates\u201d and similar expressions or variations of such words are intended to identify forward-looking statements. For example, the Company is using forward-looking statements when it discusses the gross proceeds received from the PIPE, intended use of proceeds from the PIPE, the anticipated closing date for the PIPE, and the anticipated gross proceeds from the exercise of warrants issued in the PIPE if such warrants are exercised in full. Forward-looking statements are not historical facts, and are based upon management\u2019s current expectations, beliefs and projections, many of which, by their nature, are inherently uncertain. Such expectations, beliefs and projections are expressed in good faith. However, there can be no assurance that management\u2019s expectations, beliefs and projections will be achieved, and actual results may differ materially from what is expressed in or indicated by the forward-looking statements. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the forward-looking statements. For a more detailed description of the risks and uncertainties affecting the Company, reference is made to the Company\u2019s reports filed from time to time with the
References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release.\u00a0PolyPid\u00a0is not responsible for the contents of third-party websites.
\nContacts:
PolyPid Ltd.\u00a0
COO \u2013 US
908-858-5995
IR@Polypid.com
Investors:
212-915-2578
britchie@lifesciadvisors.com
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\nSource: PolyPid Ltd.
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