Exhibit 99.1
Apexigen Announces Approximately $2.8 Million
Private Placement Financing
SAN CARLOS, CA - January 24, 2023 – Apexigen, Inc. (Nasdaq: APGN), a clinical-stage company focused on developing innovative antibody-based therapeutics for the treatment of cancer with a focus on immuno-oncology, today announced that it has entered into definitive agreements with new, biotechnology-focused investors for the issuance and sale of an aggregate of approximately 2.0 million shares of its common stock (or pre-funded warrants in lieu thereof) and warrants to purchase up to an aggregate of approximately 2.0 million shares of common stock in a private placement offering. The purchase price per share and accompanying warrant is $1.40 (or $1.399 per pre-funded warrant and accompanying warrant). The warrants have an exercise price of $1.40 per share and will expire 5 years from the effective date of the registration statement that will be filed in connection with the private placement.
The private placement is expected to close by January 31, 2023, subject to the satisfaction of customary closing conditions. The gross proceeds of approximately $2.8 million, before deducting placement agent fees and other expenses, will be used to finance and further support the company’s ongoing Phase 2 clinical study evaluating its CD40 antibody, sotigalimab, in combination with doxorubicin in patients with liposarcoma, and for general corporate purposes.
Brookline Capital Markets, a division of Arcadia Securities, LLC, served as the exclusive placement agent for the private placement transaction.
The securities to be sold in the private placement have not been registered under the Securities Act of 1933, as amended (the “Securities Act”) or any state or other jurisdiction’s securities laws, and may not be resold absent registration under, or exemption from registration under, the Securities Act. Apexigen has agreed to file a registration statement with the Securities and Exchange Commission (the “SEC”) registering the resale of the shares of common stock issued and sold in the private placement (including the shares of common stock issuable upon exercise of the warrants) within 30 days of the closing of the private placement.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
About Apexigen
Apexigen is a clinical-stage biopharmaceutical company focused on discovering and developing a new generation of antibody therapeutics for oncology, with an emphasis on new immuno-oncology agents designed to harness the patient’s immune system to combat and eradicate cancer. Sotigalimab and Apexigen’s other programs were discovered using Apexigen’s proprietary APXiMAB™ discovery platform. This platform has enabled Apexigen and its collaboration partners to discover and develop therapeutic antibodies against a variety of molecular targets, including targets that are difficult to drug with conventional antibody technologies. Multiple product candidates have been discovered using the APXiMAB platform, one of which is commercially available and the others are in clinical development, either internally by Apexigen or by its licensees. For more information, please visit www.apexigen.com.
