WARREN, N.J., Sept. 27, 2017 (GLOBE NEWSWIRE) -- Bellerophon Therapeutics, Inc. (Nasdaq:BLPH), a clinical-stage biotherapeutics company, announced today that it has entered into a definitive securities purchase agreement with new and existing investors to raise aggregate gross proceeds of approximately $23.4 million through a private placement of its common stock and warrants. The financing was led by Puissance Capital Management and Venrock Healthcare Capital Partners and supported by certain of Bellerophon’s existing investors including New Mountain Capital and Linde North America, Inc.
Bellerophon will sell approximately 19.4 million shares of common stock and warrants to purchase approximately 19.4 million shares of common stock for aggregate gross proceeds of approximately $23.4 million before deducting offering expenses. The warrants will have a per share exercise price of $1.242, will be exercisable after six months and expire five years from the date of issuance. The closing of the sales of these securities is expected to occur on or about September 29, 2017.
Proceeds from the private placement will be used by Bellerophon primarily for general corporate purposes, including manufacturing expenses, clinical trial expenses, research and development expenses and general and administrative expenses.
About Bellerophon
Bellerophon Therapeutics is a clinical-stage biotherapeutics company focused on developing innovative therapies at the intersection of drugs and devices that address significant unmet medical needs in the treatment of cardiopulmonary diseases. The Company is currently developing three product candidates under its INOpulse program, a proprietary pulsatile nitric oxide delivery system. The first is for the treatment of pulmonary arterial hypertension (PAH), for which the Company has commenced Phase 3 clinical trials. The second is for the treatment of pulmonary hypertension associated with chronic obstructive pulmonary disease (PH-COPD) and the third candidate is for the treatment of pulmonary hypertension associated with Interstitial Lung Disease (PH-ILD), both of which are in Phase 2 development. For more information, please visit www.bellerophon.com.
