PolyPid Raises $10.6 Million with Underwritten Public Offering and Private Placement of Warrants

PolyPid Ltd. (Nasdaq: PYPD), a late-stage biopharma company working to improve surgical outcomes, has announced the pricing of its underwritten public offering of 14,660,000 ordinary shares, no par value, at a public offering price of $0.42 per share.

The expected gross proceeds from the Public Offering, before deducting underwriting commissions and other estimated offering expenses payable by PolyPid, are approximately $6.2 million.

Furthermore, the underwriter has been granted a 30-day option to purchase up to an additional 2,199,000 Ordinary Shares at the public offering price, less underwriting discounts and commissions, to cover any over-allotments. The Public Offering is expected to close on or about March 31, 2023, upon the satisfaction of customary closing conditions.

PolyPid recently closed a concurrent private placement of unregistered pre-funded warrants to purchase up to 10,357,139 Ordinary Shares at a price of $0.4199 per Private Warrant.

The Private Warrants, which have an exercise price of $0.0001 per Ordinary Share, are being offered in a private placement pursuant to the exemption provided in Section 4(a)(2) under the Securities Act of 1933, as amended, and Regulation S promulgated thereunder.

The gross proceeds to PolyPid from the concurrent private placement are expected to be approximately $4.4 million and the exercise of the Private Warrants will be subject to an increase of PolyPid’s authorized share capital.

To facilitate this, PolyPid will ask its shareholders to approve the increase of its authorized share capital at its 2023 annual shareholders meeting. This private placement is set to close on or about March 31, 2023, subject to the satisfaction of customary closing conditions.

With the proceeds from the Public Offering and the private placement, PolyPid aims to further their clinical activities and development of D-PLEX100, as well as ensure sufficient working capital and other general corporate purposes. This is a crucial step in the company’s mission to provide innovative solutions in the medical field.

Newbridge Securities Corporation is proud to serve as the sole book-running manager of the Public Offering and as agent of the private placement. This is an exciting opportunity to be part of a groundbreaking financial transaction and a chance to make a positive impact on the marketplace.

We are pleased to announce the availability of these securities and invite interested parties to take advantage of this unique opportunity. There will be no sale of these securities in any jurisdiction that does not comply with relevant securities laws. Don’t miss out on this chance to invest in a potentially lucrative asset.

About PolyPid

PolyPid Ltd. (Nasdaq: PYPD) is revolutionizing surgical outcomes with its locally administered, controlled, prolonged-release therapeutics. Its proprietary PLEX (Polymer-Lipid Encapsulation matriX) technology combines with Active Pharmaceutical Ingredients (APIs) to deliver precise doses of drugs over periods of days to months.

D-PLEX100, PolyPid’s leading product candidate, is in Phase 3 clinical trials for the prevention of colorectal surgical site infections. Furthermore, the Company is testing the efficacy of OncoPLEX for treatment of solid tumors, beginning with glioblastoma in preclinical stages.

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