TFF Pharmaceuticals Announces Closing of $5.7 Million Public Offering of Common Stock, Including Full Exercise of Over-Allotment Option

Rhea-AI Summary

TFF Pharmaceuticals, Inc. has closed a $5.7 million underwritten public offering, selling 22,880,400 shares of common stock at a price of $0.25 per share. The net proceeds of approximately $5.1 million will be used for working capital and general corporate purposes. The offering was managed by The Benchmark Company, LLC.

FORT WORTH, Texas, Aug. 17, 2023 (GLOBE NEWSWIRE) -- TFF Pharmaceuticals, Inc. (NASDAQ: TFFP) (the “Company”), a clinical-stage biopharmaceutical company focused on developing and commercializing innovative drug products based on its patented Thin Film Freezing (TFF) technology platform, today announced the closing of its $5.7 million underwritten public offering of 22,880,400 shares of its common stock, including 2,984,400 shares of its common stock issued pursuant to the full exercise by the underwriter of its over-allotment option. The public offering price for each share of common stock was $0.25. All of the securities in the underwritten public offering were sold by the Company.

TFF Pharmaceuticals intends to use the net proceeds from the offering of approximately $5.1 million for working capital and general corporate purposes.

The Benchmark Company, LLC acted as sole book-running manager for the offering. The Liquid Venture Partners group at The Benchmark Company, LLC was responsible for sourcing and executing the offering.

A shelf registration statement relating to the shares of common stock issued in the offering was filed with the Securities and Exchange Commission (“SEC”) and declared effective by the SEC. A final prospectus supplement relating to the offering has been filed with the SEC and is available on the SEC’s website at http://www.sec.gov. Copies of the final prospectus supplement and accompanying base prospectus relating to this offering may be obtained from The Benchmark Company, LLC, 150 East 58th Street, 17th floor, New York, NY 10155, by email at prospectus@benchmarkcompany.com, or by calling +1 (212)-312-6700.

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 registration or qualification under the securities laws of any such state or jurisdiction.

About TFF Pharmaceuticals

TFF Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company engaging patented rapid freezing technology to develop and transform medicines into potent dry powder formulations for better efficacy, safety, and stability. The company’s versatile Thin Film Freezing (TFF) technology platform has broad applicability to convert most any drug, including vaccines, small and large molecules, and biologics, into an elegant dry powder highly advantageous for inhalation, with improved absorption so drugs can also be delivered to the eyes, nose and topically to the skin.

Safe Harbor

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the intended use of proceeds from the offering. Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual results to differ materially, including those risks disclosed in under the caption “Risk Factors” in the final prospectus supplement related to the offering. TFF Pharmaceuticals cautions readers not to place undue reliance on any forward-looking statements. The Company does not undertake and specifically disclaims any obligation to update or revise such statements to reflect new circumstances or unanticipated events as they occur, except as required by law.

FAQ

What is the name of the company in the press release?

The company mentioned in the press release is TFF Pharmaceuticals, Inc.

What is the purpose of the public offering?

The purpose of the public offering is to raise funds for working capital and general corporate purposes.

What was the offering price per share?

The offering price per share was $0.25.

Who managed the underwritten public offering?

The underwritten public offering was managed by The Benchmark Company, LLC.

Where can I find the final prospectus supplement and base prospectus?

The final prospectus supplement and accompanying base prospectus can be obtained from The Benchmark Company, LLC or on the SEC's website at http://www.sec.gov.