Aspira Women’s Health Announces Closing of $1.9 Million Private Placement Equity Financing
July 09 2024 - 11:12AM
Aspira Women’s Health Inc. (“Aspira” or the “Company”) (Nasdaq:
AWH), a bio-analytical based women’s health company focused on the
development of gynecologic disease diagnostic tools, today
announced that it has closed its previously announced private
placement for the issuance and sale of shares of the Company’s
common stock and accompanying warrants to purchase an equal number
of shares for gross proceeds of approximately $1.9 million. Aspira
has the potential to receive additional gross proceeds of up to
$2.8 million, before deducting offering expenses, upon the full
cash exercise of warrants issued in the private placement.
The private placement was completed with broad participation
from certain existing shareholders and company insiders. Net
proceeds from the Offering will support Aspira’s ongoing commercial
activities as well as general corporate purposes and working
capital.
“The completion of this transaction is a powerful signal of
support from our shareholders, many of whom have been on the
journey with Aspira for some time,” said Nicole Sandford, Chief
Executive Officer at Aspira. “At-the-market pricing for
common stock, not to mention a premium for accompanying warrants,
is certainly rare these days. I believe it speaks volumes about
investor confidence in our strategy, technology, and team. This
cash infusion, combined with the recent expansion of OvaWatch for
both initial and ongoing monitoring of masses and the compelling
clinical data we published in May, increase the momentum behind our
commercial strategy.”
Ms. Sandford continued, “Today, we are both humbled and
energized – we are ready to put these resources to work making
OvaSuite products the standard of care for the 1.2 to 1.5 million
U.S. women who develop an adnexal mass each year, which may require
2.0 to 4.0 million tests per year to allow doctors and clinical
staff to effectively manage the risks of malignant disease.”
About the Private PlacementPursuant to the
securities purchase agreement entered into on July 1, 2024, Aspira
Women’s Health issued to purchasers in the private placement an
aggregate of 1,248,529 shares of its common stock (“Common Stock”)
and accompanying warrants (“Warrants”) to purchase an equal number
of shares of common stock at a price of $1.53 per share and
accompanying warrant. The warrants have an exercise price of $2.25
per share and are exercisable until their expiration on the third
anniversary of the issuance date.
The offer and sale of the foregoing securities were made by
Aspira Women’s Health in a private placement under Section 4(a)(2)
of the Securities Act of 1933, as amended (the “Act”), and/or
Regulation D promulgated thereunder, and such securities have not
been registered under the Act or applicable state securities laws.
Accordingly, such securities may not be offered or sold in the
United States except pursuant to an effective registration
statement or an applicable exemption from the registration
requirements of the Act and such applicable state securities laws.
Aspira has agreed to file a resale registration statement with the
U.S. Securities and Exchange Commission for purposes of registering
the resale of the common stock issued or issuable in connection
with the private placement.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy any of the securities described
herein nor shall there be any sale of these securities in any state
or other jurisdiction in which such offer, solicitation or sale
would be unlawful prior to the registration or qualification under
the securities laws of any such state or other jurisdiction.
About Aspira Women’s Health Inc.Aspira Women’s
Health Inc. is dedicated to the discovery, development, and
commercialization of noninvasive, AI-powered tests to aid in the
diagnosis of gynecologic diseases.
OvaWatch® and Ova1Plus® are offered to clinicians as OvaSuiteSM.
Together, they provide the only comprehensive portfolio of blood
tests to aid in the detection of ovarian cancer for the 1.2+
million American women diagnosed with an adnexal mass each year.
OvaWatch provides a negative predictive value of 99% and is used to
assess ovarian cancer risk for women where initial clinical
assessment indicates the mass is indeterminate or benign, and thus
surgery may be premature or unnecessary. Ova1Plus is a reflex
process of two FDA-cleared tests, Ova1® and Overa®, to assess the
risk of ovarian malignancy in women planned for
surgery.
Our in-development test pipeline is designed to expand our
ovarian cancer portfolio and addresses the tremendous need for
noninvasive diagnostics for endometriosis, a debilitating disease
that impacts millions of women worldwide. In ovarian cancer, our
OvaMDxSM risk assessment is designed to combine microRNA and
protein biomarkers with patient data to further enhance the
sensitivity and specificity of our current tests. In endometriosis,
EndoCheckSM is the first-ever noninvasive test designed to identify
endometriomas, one of the most commonly occurring forms of
endometriosis. The EndoMDxSM test is designed to combine microRNA
and protein biomarkers with patient data to identify all
endometriosis.
Forward-Looking StatementsThis press release
contains forward-looking statements, as defined in the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements involve a number of risks and uncertainties. Such
forward-looking statements include statements regarding, among
other things, the timing and completion of any products in the
pipeline development and other statements that are predictive in
nature. Actual results could differ materially from those discussed
due to known and unknown risks, uncertainties, and other factors.
These forward-looking statements generally can be identified by the
use of words such as “designed to,” “expect,” “plan,” “anticipate,”
“could,” “may,” “intend,” “will,” “continue,” “future,” other words
of similar meaning and the use of future dates. Forward-looking
statements in this press release and other factors that may cause
such differences include the satisfaction of customary closing
conditions related to the offering and the expected timing of the
closing of the offering. These and additional risks and
uncertainties are described more fully in the company’s filings
with the SEC, including those factors identified as “Risk Factors”
in our most recent Annual Report on Form 10-K, for the fiscal year
ended December 31, 2023, and subsequent Quarterly Reports on Form
10-Q. If any of these risks materialize or our assumptions prove
incorrect, actual results could differ materially from the results
implied by these forward-looking statements. There may be
additional risks that Aspira presently does not know, or that
Aspira currently believes are immaterial, that could also cause
actual results to differ from those contained in the
forward-looking statements. In addition, forward-looking statements
reflect Aspira’s expectations, plans, or forecasts of future events
and views as of the date of this press release. Subsequent events
and developments may cause the Company’s assessments to change.
However, while Aspira may elect to update these forward-looking
statements at some point in the future, Aspira expressly disclaims
any obligation to do so, except as required by law. These
forward-looking statements should not be relied upon as
representing Aspira’s assessments of any date after the date of
this press release. Accordingly, undue reliance should not be
placed upon the forward-looking statements.
Company Contact: Nicole
Sandford Chief Executive OfficerInvestors@aspirawh.com
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