Full Press Release Details
Purple Biotech Announces Pricing of
Up To $18 Million Public Offering
with up to an additional $12 million of potential aggregate gross proceeds upon the
exercise in full of short-term warrants
Sept. 04, 2025 (GLOBE NEWSWIRE) -- Purple Biotech Ltd. ("Purple Biotech" or "the Company") (NASDAQ/TASE: PPBT),
a clinical-stage company developing first-in-class therapies that seek to overcome tumor immune evasion and drug resistance, today announced
the pricing of a public offering of an aggregate of 5,999,999 of the Company's American Depositary Shares (ADSs) (or pre-funded
warrants in lieu thereof), with each ADS representing 200 ordinary shares, and short-term warrants to purchase up to 11,999,998 ADSs,
at a combined public offering price of $1.00 per share (or pre-funded warrant in lieu thereof) and accompanying short-term warrants.
The short-term warrants will have an exercise price of $1.00 per ADS, will be exercisable immediately upon issuance and will expire twenty-four
months from the date of issuance. The closing of the offering is expected to occur on or about September 5, 2025, subject to the satisfaction
of customary closing conditions.
H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.
from the offering, before deducting the placement agent's fees and other offering expenses payable by the Company, are expected to be
approximately $6 million. The potential additional gross proceeds to the Company from the short-term warrants, if fully-exercised
on a cash basis, will be approximately $12 million. No assurance can be given that any of such short-term warrants will be exercised.
The Company intends to use the net proceeds from this offering for development of its oncology therapeutic candidates and for general
working capital and corporate purposes.
described above are being offered pursuant to a registration statement on Form F-1 (File No. 333-289927), which was declared effective
by the Securities and Exchange Commission (the "SEC") on September 4, 2025. The offering is being made only by means of a
prospectus forming part of the effective registration statement relating to the offering. A preliminary prospectus relating to the offering
has been filed with the SEC. Electronic copies of the final prospectus, when available, may be obtained on the SEC's website at http://www.sec.gov and
may also be obtained by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by phone at (212)
856-5711 or e-mail at placements@hcwco.com.
shall not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein, 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.
Ltd. (NASDAQ/TASE: PPBT) is a clinical-stage company developing first-in-class therapies that seek to overcome tumor immune evasion and
drug resistance. The Company's oncology pipeline includes CAPTN-3, CM24 and NT219. The Company is advancing CAPTN-3, a preclinical
platform of conditionally activated tri-specific antibodies, which engage both T cells and NK cells to induce a strong, localized immune
response within the tumor microenvironment. The cleavable capping technology confines the compound's therapeutic activity to the
local tumor microenvironment, thereby potentially increasing the anticipated therapeutic window in patients. The third arm specifically
targets the Tumor Associated Antigen (TAA). The technology presents a novel mechanism of action by unleashing both innate and adaptive
immune systems to mount an optimal anti-tumoral immune response. IM1240 is the first tri-specific antibody in development that targets
the 5T4 antigen, which is expressed in a variety of solid tumors and is associated with advanced disease, increased invasiveness, and
poor clinical outcomes. CM24 is a humanized monoclonal antibody that blocks CEACAM1, which supports tumor immune evasion and survival
through multiple pathways. CEACAM1 on tumor cells, immune cells and neutrophil extracellular traps is a novel target for the treatment
of multiple cancer indications. As proof of concept of these novel pathways, the Company completed a Phase 2 study for the treatment
of pancreatic ductal adenocarcinoma (PDAC) with CM24 as a combination therapy with the anti-PD-1 checkpoint inhibitor nivolumab and chemotherapy,
demonstrating clear and consistent improvement across all efficacy endpoints and the identification of two potential serum biomarkers
and other potential tissue biomarkers. NT219 is a dual inhibitor, novel small molecule that simultaneously targets IRS1/2 and STAT3.
A Phase 1 dose escalation study was concluded as a monotherapy and in combination with cetuximab, in which NT219 demonstrated anti-tumor
activity in combination with cetuximab in second-line patients with recurrent and/or metastatic squamous cell carcinoma of the head and
neck (R/M SCCHN). A Phase 2 study in collaboration with the University of Colorado, to treat R/M SCCHN patients with NT219 in combination
with cetuximab or pembrolizumab was initiated. The Company's corporate headquarters are located in Rehovot, Israel. For more information,
please visit https://purple-biotech.com
Forward-Looking Statements and Safe
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, statements regarding the completion of the offering, the satisfaction of customary closing conditions related to the
offering, the exercise of the short-term warrants prior to their expiration and the anticipated use of proceeds therefrom as well as
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 and other conditions; the plans, strategies and objectives of management for future
operations; product development for NT219, CM24 and IM1240; the process by which such early stage therapeutic candidates 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 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 obtained by competitors; dependence
on the effectiveness of our patents and other protections for innovative products; our ability to obtain, maintain and defend issued
patents; the commencement of any patent interference or infringement action against our patents, and 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 Annual Report on Form 20-F for the year ended December 31, 2024 and in our other
filings with the U.S. Securities and Exchange Commission ("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 on 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, https://www.sec.gov.