Context Therapeutics Announces $100 Million Private Placement

Financing includes new and existing leading healthcare investors

Proceeds, along with existing cash and cash equivalents, are expected to extend cash runway into 2028

PHILADELPHIA, May 02, 2024 (GLOBE NEWSWIRE) -- Context Therapeutics Inc. (“Context” or the “Company”) (Nasdaq: CNTX), a biopharmaceutical company advancing medicines for solid tumors, today announced that it has entered into a securities purchase agreement with certain new and existing investors in a private placement that is expected to result in gross proceeds of approximately $100.0 million, before deducting placement agent fees and estimated offering expenses. The private placement is expected to close on May 6, 2024, subject to the satisfaction of customary closing conditions.

The private placement is led by new investor Nextech¹, with participation from new and existing investors, including Ally Bridge Group, Avidity Partners, Blackstone Multi-Asset Investing, Blue Owl Healthcare Opportunities, Deep Track Capital, Driehaus Capital Management, Great Point Partners, LLC, and other leading healthcare investors.

Pursuant to the terms of the securities purchase agreement, Context is selling an aggregate of approximately 64.5 million shares of its common stock (or pre-funded warrants in lieu thereof) at a price of $1.55 per share (or $1.549 per pre-funded warrant). Each pre-funded warrant will have an exercise price of $0.001 per share of common stock, will be immediately exercisable and will not expire. The price per share of common stock and per pre-funded warrant represents a premium to the closing price of the Company’s common stock on May 1, 2024. Context expects that the net proceeds from the private placement, together with the Company’s existing cash and cash equivalents, will extend its cash runway through the estimated duration of the Company’s planned CTIM-76 Phase 1 clinical trial, as well as into 2028.

Piper Sandler is acting as sole placement agent for the private placement.

The offer and sale of the securities in the private placement and described above are being made in a transaction not involving a public offering and the securities have not been registered under the Securities Act of 1933, as amended, and may not be reoffered or resold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements. Pursuant to a registration rights agreement, Context agreed to file a registration statement with the Securities and Exchange Commission (the “SEC”) covering the resale of the shares of common stock issued in this private placement and the shares of common stock underlying the pre-funded warrants.