Bone Biologics sells 1.14M shares at 64c in registered direct offering

Bone Biologics announced that it has entered into a definitive agreement for the issuance and sale of an aggregate of 1,139,063 of its shares of common stock at a purchase price of 64c per share in a registered direct offering priced at-the-market under Nasdaq rules. In a concurrent private placement, the company has also agreed to issue and sell unregistered warrants to purchase up to an aggregate of 1,139,063 shares of its common stock. The offering is expected to close on or about November 20, subject to the satisfaction of customary closing conditions. H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering. The unregistered warrants will have an exercise price 52c per share, will become exercisable upon issuance and have a term of five and one-half years from the date of issuance. The gross proceeds to Bone Biologics from the offering are expected to be approximately $729,200, before deducting the placement agent’s fees and other offering expenses payable by the company. Bone Biologics currently intends to use the net proceeds from the offering to fund clinical trials, maintain and extend its patent portfolio and for working capital and other general corporate purposes.