SAN DIEGO, CA--(Marketwire -12/08/11)- Lpath, Inc. (OTC.BB: LPTN.OB - News) has filed a registration statement on Form S-1 with the United States Securities and Exchange Commission to raise up to $10 million through the sale of units comprised of common shares and warrants to purchase common shares. The number of units to be offered and the price for the units have not yet been determined.
Lpath plans to invest most of the proceeds in its Lpathomab™ program, which is currently in preclinical development. Lpath plans to have one or more INDs filed with Lpathomab by the end of 2013. There is also the possibility that Lpathomab will be split into two programs -- one for systemic delivery and one for ocular delivery -- much as Lpath has done with its Sphingomab™ program, which was split into iSONEP™ and ASONEP™.
The remaining proceeds will be used to extend the cash runway for the company through the end of 2013; currently the cash runway is through mid-2013.
The offering will be made only by means of a prospectus. When available, copies of the preliminary prospectus relating to the offering may be obtained from: Lpath, Inc., Attention: Secretary, 4025 Sorrento Valley Blvd., San Diego, California 92121, 858-678-0800.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission, but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any offer or 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 such state or jurisdiction.
San Diego-based Lpath, a therapeutic antibody company, is a leader in lipidomics-based antibody therapeutics, an emerging field of medicine that targets bioactive signaling lipids for treating a wide range of human disease. The company has developed three drug candidates, one of which (iSONEP™ for wet AMD) has initiated mid-stage clinical trials and another of which (ASONEP™ for cancer) will soon begin mid-stage clinical trials. The third candidate (Lpathomab) is a pre-clinical anti-LPA antibody, which has shown efficacy in animal models of neuropathy, fibrosis, and traumatic brain injury. Lpath entered into an agreement with Pfizer in 2010 that provides Pfizer an exclusive option for a worldwide license to develop and commercialize iSONEP. For more information, visit www.Lpath.com.
About Forward-Looking Statements
The Company cautions you that the statements included in this press release that are not a description of historical facts are forward-looking statements. Actual results may differ materially from those set forth in this press release due to the risks and uncertainties inherent in various facets of the Company's business, including, without limitation: the results of any future clinical trials for its product candidates, the cost to develop and complete clinical trials for its product candidates, the Company's ability to obtain regulatory approval for any of its product candidates, and the Company's ability to complete a financing and secure the funds necessary to support its clinical trial and product development plans. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company's filings with the Securities and Exchange Commission, including its Registration Statement for the proposed offering of units. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement and the Company undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof. This caution is made under the safe harbor provisions of Section 21E of the Private Securities Litigation Reform Act of 1995.