BiomX Announces Second Closing of $7.5 Million Private Placement

CAMBRIDGE, Mass. and NESS ZIONA, Israel, May 05, 2023 (GLOBE NEWSWIRE) -- BiomX Inc. (NYSE American: PHGE) (“BiomX” or the “Company”), a clinical-stage company advancing novel natural and engineered phage therapies that target specific pathogenic bacteria, today announced the second closing of its recently announced $7.5 million private placement (“PIPE”) investment.

On February 22, 2023, the Company announced that it entered into a securities purchase agreement (“SPA”) with a selected group of institutional and individual investors, including existing investors OrbiMed and the Cystic Fibrosis Foundation. The financing was structured to close in two separate parts. The first closing occurred on February 27, 2023. The second closing announced today was contingent upon approval of the issuance of the additional securities under the SPA by the Company's stockholders in accordance with NYSE American rules. Pursuant to the SPA, at the second closing, the Company issued 24,632,243 shares of common stock (or common stock equivalents, the “Securities”) for gross proceeds of approximately $6 million, at a price of $0.245 per share.

BiomX expects to use the aggregate net proceeds of approximately $7.2 million from the first and second closings of the PIPE, together with existing cash and cash equivalents, to fund clinical development of BX004 for the treatment of lung infections in patients with cystic fibrosis, the development of other programs, and research activities as well as working capital and other general corporate purposes.

The Securities issued and sold in the PIPE have not been registered under the Securities Act of 1933, as amended, or the securities laws of any state or other jurisdiction, and may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements. BiomX and the investors have also entered into a Registration Rights Agreement pursuant to which BiomX has agreed to file a registration statement with the Securities and Exchange Commission (the “SEC”) registering the resale of the securities sold in the PIPE within 30 days following the second closing.

This press release shall not constitute an offer to sell or a 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 BiomX
BiomX is a clinical-stage company developing both natural and engineered phage cocktails designed to target and destroy bacteria in the treatment of chronic diseases. BiomX discovers and validates proprietary bacterial targets and customizes phage compositions against these targets. For more information, please visit www.biomx.com, the content of which does not form a part of this press release.

Safe Harbor
This press release contains express or implied “forward-looking statements” within the meaning of the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “target,” “believe,” “expect,” “will,” “may,” “anticipate,” “estimate,” “would,” “positioned,” “future,” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. For example, when BiomX discusses the expected use of proceeds from the PIPE, BiomX is making forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on BiomX management’s current beliefs, expectations and assumptions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of BiomX’s control. Actual results and outcomes may differ materially from those indicated in the forward-looking statements. Therefore, investors should not rely on any of these forward-looking statements and should review the risks and uncertainties described under the caption “Risk Factors” in BiomX’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 29, 2023 and additional disclosures BiomX makes in its other filings with the SEC, which are available on the SEC’s website at www.sec.gov. Forward-looking statements are made as of the date of this press release, and except as provided by law BiomX expressly disclaims any obligation or undertaking to update forward-looking statements.

BiomX Contacts

Investor Relations:
LifeSci Advisors, LLC
John Mullaly
(617)-698-9253
jmullaly@lifesciadvisors.com

BiomX, Inc.
Anat Primovich
Corporate Project Manager
+972 (50) 697-7228
anatp@biomx.com

Source: BiomX Inc.