CohBar (NASDAQ: CWBR), a clinical-stage biotechnology company developing mitochondria-based therapeutics to treat chronic diseases, has closed an underwritten public offering of 12,300,000 units, each at a public offering price of $1.22. According to the update, CohBar secured $15 million in gross proceeds from the offering and has granted the underwriters a 30-day option to purchase up to an additional 1,845,000 shares of common stock and/or warrants to purchase up to an additional 1,383,750 shares of common stock. CohBar intends to use the proceeds and its existing cash resources for general corporate purposes, which may include preclinical and clinical development of its peptides, working capital, operating expenses and capital expenditures. Roth Capital Partners acted as sole book-running manager for the offering.
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About CohBar Inc.
CohBar (NASDAQ: CWBR) is a clinical-stage biotechnology company focused on the research and development of mitochondria-based therapeutics, an emerging class of drugs for the treatment of chronic and age-related diseases. Mitochondria-based therapeutics originate from the discovery by CohBar’s founders of a novel group of naturally occurring peptide sequences within the mitochondrial genome, some of which have been shown to have the potential to regulate key processes in multiple systems and organs in the body. To date, the company has discovered more than 100 mitochondrial-derived peptides and generated over 1,000 analogs. CohBar’s efforts focus on the development of these peptides into therapeutics that offer the potential to address a broad range of diseases because of the underlying impact of mitochondrial dysfunction. The company’s lead compound, CB4211, is in the Phase 1b stage of a Phase 1a/1b clinical trial for nonalcoholic steatohepatitis (“NASH”) and obesity. In addition, CohBar currently has four preclinical programs: CB5138 Analogs for fibrotic diseases, CB5064 Analogs for COVID-19 associated ARDS and type 2 diabetes, MBT5 Analogs for CXCR4-related cancer and orphan diseases, and MBT3 Analogs for cancer immunotherapy. For more information, please visit www.CohBar.com.
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