Unity Biotechnology announces exercise of warrants for $4.8M

UNITY Biotechnology announced the entry into a definitive agreement for the immediate exercise of certain outstanding warrants to purchase up to an aggregate of 2,143,000 shares of common stock, having an exercise price of $8.50 per share, issued by UNITY on August 22, 2022, at a reduced exercise price of $2.045 per share. The shares of common stock issuable upon exercise of the warrants are registered pursuant to an effective registration statement on Form S-3. The gross proceeds to UNITY from the exercise of the warrants are expected to be approximately $4.38 million, prior to deducting placement agent fees and offering expenses. The closing of the offering is expected to occur on or about November 14, 2023, subject to satisfaction of customary closing conditions. The Company believes that together with these proceeds, the Company’s current cash, cash equivalents and marketable securities are sufficient to fund operations into the second quarter of 2025. H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering. In consideration for the immediate exercise of the warrants for cash, UNITY will issue new unregistered warrants to purchase up to 2,143,000 shares of common stock. The new warrants will have an exercise price of $1.92 per share, will be exercisable immediately upon issuance and have a term equal to five years from the date of issuance. UNITY intends to use the net proceeds of this offering for working capital, operating expenses to include clinical trial progression, and general corporate purposes.