Bellerophon Therapeutics, Inc. (NASDAQ: BLPH) watched its shares vault Monday, as the clinical-stage biotherapeutics company focused on developing treatments for cardiopulmonary diseases, today announced that it has entered into a subscription agreement with a life sciences-focused institutional investor to sell, in a registered direct offering, 718,474 shares of common stock at a price of $2.00 per share and 1,781,526 prefunded warrants at a price of $1.99 per pre-funded warrant for total gross proceeds of approximately $5 million, before deducting estimated offering expenses. The offering is expected to close on March 7, 2023, subject to the satisfaction of customary closing conditions.
The Company intends to use the proceeds of this $5 million offering to complete the Company’s REBUILD Phase 3 study and for working capital and general corporate purposes. The REBUILD study is a Phase 3, randomized, double-blind, placebo-controlled dose escalation and verification clinical trial evaluating the safety and efficacy of pulsed inhaled nitric oxide (iNO) in patients at risk for pulmonary hypertension associated with pulmonary fibrosis on long-term oxygen therapy. With a total of 145 patients fully enrolled, the study is powered >90%, (p-value of 0.01) for the primary endpoint of a change in MVPA measured by actigraphy based on the results from Phase 2. The Company expects to report topline data in mid-2023.
The Company is currently developing multiple product candidates under its INOpulse® program, a proprietary pulsatile nitric oxide delivery system.
BLPH shares bounced 11 cents, or 6%, to $1.93.
