CAMBRIDGE, Mass. and NESS ZIONA, Israel, May 5, 2023 (GLOBE NEWSWIRE) — BiomX Inc. PHGE (“BiomX” or the “Company”), a clinical-stage company advancing novel natural and engineered phage therapies targeting specific pathogenic bacteria, today announced the second closing of its recently announced private placement (“PIPE”) investment in reported to be $7.5 million.

On February 22, 2023, the Company announced that it had entered into a securities purchase agreement (“SPA”) with a select group of institutional and individual investors, including existing investors OrbiMed and the Cystic Fibrosis Foundation. The funding has been structured to be completed in two separate parts. The first closing took place on February 27, 2023. The second closing announced today was subject to the Company’s shareholders approving the issuance of additional securities under the SPA under NYSE American rules. Pursuant to the SPA, at the Second Closing, the Company issued 24,632,243 common shares (or common stock equivalents, the “Securities”) for gross proceeds of approximately $6 million at a price of $0.245 per share.

BiomX expects to use the aggregate net proceeds of approximately $7.2 million from the first and second PIPE closings, along with existing cash and cash equivalents, to fund clinical development of BX004 for the treatment of lung infections in patients with cystic fibrosis, development, use of other programs and research activities; and working capital and other general corporate purposes.

The securities issued and sold under the PIPE have not been registered under the Securities Act of 1933, as amended, or the securities laws of any state or other jurisdiction, and may not be offered or sold in the United States except where permitted an effective registration prior to declaration or an applicable exemption from registration requirements. BiomX and the Investors have also entered into a Registration Rights Agreement, pursuant to which BiomX has agreed to…