NAYA Biosciences sets public offering at $0.70 per unit By Investing.com

SARASOTA, Fla. and MIAMI – NAYA Biosciences, Inc. (NASDAQ: NAYA), a company focusing on treatments for oncology, autoimmune diseases, and women’s health, has announced the pricing of its public offering. The offering is set at $0.70 per unit, with each unit comprising one share of common stock or a pre-funded warrant, along with a warrant to purchase an additional share of common stock. The pricing comes as the stock has experienced a 14.83% decline over the past week, according to InvestingPro data.

The exercise price for the warrants is also $0.70 per share, and they are exercisable immediately upon issuance. These warrants will expire five years from the date of issuance. The units, consisting of the shares and warrants, will be issued separately and are immediately separable.

The closing of the offering is expected to take place on or about January 14, 2025, contingent on meeting customary closing conditions. Maxim Group LLC is the lead placement agent, with Brookline Capital Markets serving as the co-placement agent.

NAYA Biosciences anticipates raising approximately $9.5 million in gross proceeds before accounting for placement agent fees and other expenses related to the offering. The funding is crucial for the company, which currently has a market capitalization of just $3.64 million and faces financial challenges with short-term obligations exceeding liquid assets. InvestingPro analysis reveals a current ratio of 0.1, indicating potential liquidity concerns. The net proceeds are intended to fund various corporate activities, including the acquisition of the Wisconsin Fertility Institute, redemption of Series C-2 preferred stock, debt obligations, clinical trials, product development, marketing, corporate management enhancements, working capital, general corporate purposes, and potential acquisitions of complementary businesses or assets. Get access to more detailed financial health metrics and 3 additional ProTips with InvestingPro.

The securities are being offered under a registration statement on Form S-1, as amended (File No. 333-283872), which has been declared effective by the Securities and Exchange Commission (SEC) on January 13, 2025. The offering is made exclusively through a prospectus, which is part of the registration statement.

NAYA Biosciences operates with a hub & spoke model, aiming to efficiently develop and partner assets across its focus areas. The company’s portfolio includes several bi-functional antibodies targeting various cancers and autoimmune diseases.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor will there be any sale of these securities in any jurisdiction where such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.

The information provided here is based on a press release statement from NAYA Biosciences.

In other recent news, NAYA Biosciences has announced plans to expand its oncology pipeline with a novel PD-1 x VEGF bifunctional antibody. This therapeutic candidate, designed to target hepatocellular carcinoma and other solid tumors, is expected to enter monotherapy phase 1/2a clinical trials in early 2026. The company is utilizing its proprietary FLEX antibody platform and collaborating with MabSilico for the development of this antibody.

In addition, the merger between INVO Bioscience and NAYA Biosciences has been completed, forming a new entity that will operate under the name NAYA Biosciences. The combined company’s portfolio includes a bispecific antibody targeting GPC3 for hepatocellular carcinoma patients, and a CD38-targeting bispecific antibody with potential applications in multiple myeloma and autoimmune diseases.

Moreover, NAYA is advancing NY-303, a GPC3-targeting bifunctional antibody, currently in phase 1/2 clinical trials for HCC patients who have not responded to existing PD-1 +/- VEGF therapies. The company’s portfolio also includes NY-338, targeting multiple myeloma and autoimmune diseases, and NY-600, for metastatic castration-resistant prostate cancer treatment.

These are the recent developments in NAYA Biosciences’ ongoing efforts to expand its oncology pipeline and navigate the complex landscape of pharmaceutical development.

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