Full Press Release Details
Kitov Closes $6.0 Million Public
TEL-AVIV, March 17, 2020 (GLOBE
NEWSWIRE) -- Kitov Pharma Ltd. ("Kitov") (NASDAQ/TASE: KTOV), a clinical-stage company advancing first-in-class
therapies to overcome tumor immune evasion and drug resistance, today announced the closing of its previously announced public
offering of 20,000,000 units at a price to the public of $0.30 per unit, for gross proceeds of $6.0 million, before deducting placement
agent fees and other offering expenses payable by Kitov. Each unit contains one American Depositary Shares ("ADS")
(or ADS equivalent) and one warrant to purchase one ADS. Each ADS represents one ordinary share, no par value, of Kitov. The
ADSs (or ADS equivalents) and warrants included in the units were purchased together in the offering, but were issued separately
and are immediately separable. The warrants have an exercise price of $0.325 per ADS and will be exercisable at any time after
the date of issuance and will expire five years from the date of issuance.
H.C. Wainwright & Co. acted
as the exclusive placement agent for the offering.
Kitov intends to use the net proceeds
of this offering to fund the development of its oncology drug candidates, acquisition of new assets and for general working capital
The offering was made under an
effective registration statement on Form F-1 (File No. 333-235729) filed with the Securities and Exchange Commission (the "SEC")
and declared effective on March 11, 2020. The offering was made only by means of a prospectus forming part of the effective
registration statement. The final terms of the offering are disclosed in a final prospectus filed with the SEC and made available
on the SEC's website at www.sec.gov. Electronic copies of the final prospectus relating to the offering may also be obtained
by contacting H.C. Wainwright & Co., 430 Park Avenue, New York, NY 10022, by telephone at (646) 975-6996 or by email at placements@hcwco.com.
This press release shall not
constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these 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 any such state or jurisdiction.
Kitov Pharma (Kitov Pharma Ltd.;
NASDAQ/TASE: KTOV) is a clinical-stage company focusing on advancing first-in-class therapies to overcome tumor immune evasion
and drug resistance, to create successful long-lasting treatments for people with cancer. Kitov's oncology pipeline includes
NT-219 and CM-24. NT-219 is a small molecule targeting the novel cancer drug resistance pathways IRS1/2 and STAT3. Kitov is currently
advancing NT-219 in combination with cetuximab as a third-line or second-line treatment option for the treatment of recurrent and
metastatic squamous cell carcinoma of head & neck cancer (SCCHN), as well as a single agent monotherapy treatment in patients
with advanced solid tumors. CM-24 is a monoclonal antibody blocking CEACAM1, a novel immune checkpoint that supports tumor immune
evasion and survival through multiple pathways. Kitov intends to advance CM-24 as a combination therapy with anti-PD1 checkpoint
inhibitors for the treatment of non-small cell lung cancer (NSCLC). Kitov has entered into a clinical collaboration agreement with
Bristol Myers Squibb Company (NYSE:BMY) for the planned Phase 1/2 clinical trials to evaluate the combination of CM-24 with the
PD-1 inhibitor nivolumab (Opdivo ). Kitov is also the owner of Consensi , a fixed-dose combination of celecoxib and amlodipine
besylate, for the simultaneous treatment of osteoarthritis pain and hypertension which was approved by the FDA for marketing in
the U.S and is expected to be launched in the U.S. during 2020 by its partner Coeptis Pharmaceuticals. Kitov has also partnered
to commercialize Consensi in China and South Korea. The company is headquartered in Tel Aviv, Israel.
Forward-Looking Statements
and Kitov's Safe Harbor Statement
Certain statements in this press
release that are forward-looking and not statements of historical fact are forward-looking statements within the meaning of the
safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are
not limited to, the intended use of proceeds and statements that are not statements of historical fact, and may be identified by
words such as "believe", "expect", "intend", "plan", "may", "should",
"could", "might", "seek", "target", "will", "project",
"forecast", "continue" or "anticipate" or their negatives or variations of these words or other
comparable words or by the fact that these statements do not relate strictly to historical matters. You should not place undue
reliance on these forward-looking statements, which are not guarantees of future performance. Forward-looking statements reflect
our current views, expectations, beliefs or intentions with respect to future events, and are subject to a number of assumptions,
involve known and unknown risks, many of which are beyond our control, as well as uncertainties and other factors that may cause
our actual results, performance or achievements to be significantly different from any future results, performance or achievements
expressed or implied by the forward-looking statements. Important factors that could cause or contribute to such differences include,
among others, risks relating to: market conditions related to the offering, different results from the expected benefits, synergies
and costs of the acquisition of FameWave by Kitov; management plans relating to the transaction; the plans, strategies and objectives
of management for future operations; product development for NT219 and CM-24; the potential future financial impact of the transaction;
and any assumptions underlying any of the foregoing; the process by which early stage therapeutic candidates such as NT219 and
CM-24 could potentially lead to an approved drug product is long and subject to highly significant risks, particularly with respect
to a joint development collaboration; the fact that drug development and commercialization involves a lengthy and expensive process
with uncertain outcomes; our ability to successfully develop and commercialize our pharmaceutical products; the expense, length,
progress and results of any clinical trials; the lack of sufficient funding to finance the clinical trials; the impact of any changes
in regulation and legislation that could affect the pharmaceutical industry; the difficulty in receiving the regulatory approvals
necessary in order to commercialize our products; the difficulty of predicting actions of the U.S. Food and Drug Administration
or any other applicable regulator of pharmaceutical products; the regulatory environment and changes in the health policies and
regimes in the countries in which we operate; the uncertainty surrounding the actual market reception to our pharmaceutical products
once cleared for marketing in a particular market; the introduction of competing products; patents attained by competitors; dependence
on the effectiveness of our patents and other protections for innovative products; our ability to obtain, maintain and defend issued
patents with protective claims; the commencement of any patent interference or infringement action; our ability to prevail, obtain
a favorable decision or recover damages in any such action; and the exposure to litigation, including patent litigation, and/or
regulatory actions, and other factors that are discussed in our in our Annual Report on Form 20-F for the year ended December 31,
2018 and in our other filings with the SEC, including our cautionary discussion of risks and uncertainties under Risk Factors'
in our Registration Statements and Annual Reports. These are factors that we believe could cause our actual results to differ materially
from expected results. Other factors besides those we have listed could also adversely affect us. Any forward-looking statement
in this press release speaks only as of the date which it is made. We disclaim any intention or obligation to publicly update or
revise any forward-looking statement, or other information contained herein, whether as a result of new information, future events
or otherwise, except as required by applicable law. You are advised, however, to consult any additional disclosures we make in
our reports to the SEC, which are available on the SEC's website, http://www.sec.gov.
Deputy CEO & Chief Financial Officer
+972-3-933-3121 ext. #105