--- title: "Purple Biotech files F-1 for ADS offering" url: "https://aibio.space/news/purple-biotech-files-f-1-ads-offering-later-prices-6-million-deal-1-00/" publisher: "aibio.space (Biotech Investor Relations News)" date: "2025-08-29" section: "Financings" tickers: "TASE:PPBT" source: "https://www.sec.gov/Archives/edgar/data/1614744/000121390025082116/ea0254928-f1_purple.htm" summary: "The August filing assumed $2.22 per ADS. The September 4 pricing set a combined $1.00 with short-term warrants, for about $6 million of gross proceeds befo" --- By the aibio.space news desk. Sources - [Purple Biotech Ltd. F-1 (2025-08-29)](https://www.sec.gov/Archives/edgar/data/1614744/000121390025082116/ea0254928-f1_purple.htm) - [Purple Biotech Ltd. 424B4 (2025-09-05)](https://www.sec.gov/Archives/edgar/data/1614744/000121390025084733/ea0255721-424b4_purple.htm) - [Purple Biotech Ltd. 6-K (2025-09-05)](https://www.sec.gov/Archives/edgar/data/1614744/000121390025084858/ea025619201ex99-1_purple.htm) [PPBT](https://aibio.space/companies/purple-biotech/) 2025-08-29 # Purple Biotech files F-1 for ADS offering, later prices $6 million deal at $1.00 Tickers [PPBT](https://aibio.space/companies/purple-biotech/) The August filing assumed $2.22 per ADS. The September 4 pricing set a combined $1.00 with short-term warrants, for about $6 million of gross proceeds before fees. ## Key facts - **Company**: Purple Biotech Ltd. (TASE: PPBT) - **News type**: Financings - **Primary source**: [Purple Biotech Ltd. F-1 (2025-08-29)](https://www.sec.gov/Archives/edgar/data/1614744/000121390025082116/ea0254928-f1_purple.htm) *The New York Stock Exchange trading floor. Photo: Carol M. Highsmith, public domain, via Wikimedia Commons. The picture shows the field, not the companies named.* ## The August filing Purple Biotech Ltd. filed a Form F-1 registration statement on August 29, 2025 for a best-efforts public offering of American depositary shares, or ADSs, each representing 200 ordinary shares. The preliminary prospectus covered up to 2,702,702 ADSs, with Series B warrants, and pre-funded warrants for buyers who would otherwise exceed an ownership cap. It assumed a combined price of $2.22 per ADS, the Nasdaq closing price on August 27, 2025. The filing says there is no minimum raise, so the company may sell far less than the maximum. H.C. Wainwright & Co., LLC is the exclusive placement agent, engaged under an agreement dated August 4, 2025. Haynes and Boone, LLP of New York is Purple's U.S. counsel, and FISCHER (FBC & Co.) is its Israeli counsel. Ellenoff Grossman & Schole LLP of New York represents the placement agent. ## The September 4 pricing On September 4, 2025 Purple Biotech announced pricing of 5,999,999 ADSs, or pre-funded warrants in place of ADSs, with short-term warrants to buy up to 11,999,998 ADSs. The combined price is $1.00, down from the $2.22 assumed in August. The warrants have a $1.00 exercise price, can be exercised immediately and expire 24 months after issuance. The release says gross proceeds are expected to be about $6 million before fees, and up to about $12 million more if the warrants are exercised in cash. It adds that no assurance can be given that they will be. The final prospectus splits the deal into 3,055,000 ADSs and 2,944,999 pre-funded warrants. It also issues placement agent warrants for 420,000 ADSs at an exercise price of $1.25 per ADS. H.C. Wainwright is paid a cash fee of 7.0% of aggregate gross proceeds and a management fee of 1.0% of gross proceeds, plus $30,000 for non-accountable expenses, legal fees of up to $100,000 and closing costs of up to $15,950. The table shows proceeds to the company before expenses of $5,579,704.57. Closing was expected on or about September 5, 2025. Purple agreed that its directors and executive officers will not sell shares for 60 days after closing. ## The money behind the deal On September 3, 2025 the last reported sale price of the ordinary shares on the Tel Aviv Stock Exchange was NIS 0.023, or $0.007 per ordinary share. As of June 30, 2025, Purple reported cash and cash equivalents of $5,593 thousand, and an accumulated loss of $146,231 thousand. The pro forma as adjusted cash figure in the prospectus is $11,220 thousand. The company says it has incurred losses in each year since its inception, and that if it keeps using cash at its historical rates it will need significant additional financing. Between July 1 and August 27, 2025, it sold 191,545 ADSs at an average of $2.36 under an Open Market Sale Agreement with Jefferies LLC. The filing also describes a July 2024 warrant exercise transaction. Under inducement letters dated July 1, 2024, holders of existing warrants over 281,675 ADSs, with original exercise prices from $25 to $400 per ADS, agreed to exercise them for cash at a reduced price of 7.20 per ADS. Ordinary shares outstanding stood at 606,090,001 as of August 27, 2025, before the new offering. ## The programs and what comes next The release describes Purple as a clinical-stage company developing first-in-class therapies that seek to overcome tumor immune evasion and drug resistance. It names IM1240 as the first tri-specific antibody in development to target the 5T4 antigen, which the release says is expressed in a variety of solid tumors. The company says the net proceeds will fund development of its oncology candidates and general working capital. The filing describes IM1240 as preclinical. The company says it expects to submit an IND application to FDA during 2026 and to start a first-in-human study after that. The company says it will start a Phase 2b study of its lead drug CM24 only upon partnering or obtaining sufficient investment. The filing also says there is no minimum raise, so the funding it gets from this deal may fall well short of the $6 million headline. [Report an error](https://aibio.space/reputation/#correction) ## Companies in this story PPBT Purple Biotech Ltd. TASE ยท Israel Open the starter desk ## More in Financings Financings ### [INmune Bio raises $4.50 million in registered direct offering with warrants](https://aibio.space/news/inmune-bio-raises-4-50-million-registered-direct-offering-warrants/) Oct 29, 2026 Financings ### [Lexeo Therapeutics files $300 million shelf registration](https://aibio.space/news/lexeo-therapeutics-files-300-million-shelf-registration/) Oct 29, 2026 Financings ### [ProKidney files $650 million shelf with $200 million Jefferies sales program](https://aibio.space/news/prokidney-files-650-million-shelf-200-million-jefferies-sales-program/) Oct 29, 2026 --- Source page: https://aibio.space/news/purple-biotech-files-f-1-ads-offering-later-prices-6-million-deal-1-00/. Facts in aibio.space stories are checked against company filings and releases; opinion is labelled. Cite as: aibio.space, "Purple Biotech files F-1 for ADS offering", 2025-08-29, https://aibio.space/news/purple-biotech-files-f-1-ads-offering-later-prices-6-million-deal-1-00/