Mateon Therapeutics Raises Net Proceeds of Approximately $2.4 Million in Financing Transaction

World News: . []

SOUTH SAN FRANCISCO, Calif., April 16, 2018 (GLOBE NEWSWIRE) -- . (OTCQX:MATN), a biopharmaceutical company developing investigational drugs for the treatment of orphan oncology indications, today announced that it has completed a private placement transaction with accredited investors for the sale of 14,625,000 shares of unregistered Mateon common stock at a price of $0.20 per share. Investors in the placement will also receive warrants, with an exercise price of $0.40 per share, for the same number of shares as purchased in the private placement transaction. Gross proceeds of the transaction were $2.925 million, and net proceeds are estimated to be approximately $2.4 million. The transaction closed on April 12, 2018.

Divine Capital Markets LLC acted as the exclusive placement agent for the offering.

Mateon plans to file a registration statement with the SEC to register the shares of common stock issued in the financing as well as shares of common stock issuable upon exercise of the warrants. If all warrants are exercised, Mateon will receive an additional $5.85 million in gross and estimated net proceeds.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein. There shall not be any offer, solicitation of an offer to buy, or sale of securities in any state or jurisdiction in which such an offering, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

CONTACT 

Matthew M. LoarMateon Therapeutics, Inc.(650) 635-7000

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Globe Newswire: 21:10 GMT Monday 16th April 2018

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