BRIDGEWATER, NJ / ACCESSWIRE / January 11, 2022 / Hillstream BioPharma, Inc. (NASDAQ:HILS) ('Hillstream', the 'Company'), a biotechnology company developing novel therapeutic candidates targeting ferroptosis, an emerging new anti-cancer mechanism resulting in iron mediated cell death for drug resistant and devastating cancers, today announced the pricing of its initial public offering of 3,750,000 shares of the Company's common stock at a public offering price of $4.00 per share for aggregate gross proceeds of $15,000,000 prior to deducting underwriting discounts, commissions, and other offering expenses. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 562,500 shares of common stock at the public offering price less discounts and commissions, to cover over-allotments.

The shares of common stock are expected to begin trading on the Nasdaq Capital Market under the ticker symbol 'HILS' on January 12, 2022. The offering is expected to close on January 14, 2022, subject to satisfaction of customary closing conditions.

The net proceeds from the initial public offering will be used to advance the Company's product candidate HSB-1216 through pre-clinical activities, completion of Phase 1 studies and manufacturing, to advance the Company's product candidate HSB-888 through pre-clinical activities and IND submission, as well as for general corporate and working capital purposes.

ThinkEquity is acting as sole book-running manager for the offering.

The registration statement on Form S-1 (file No. 333-259821) relating to the shares being sold in this offering has been filed with the U.S. Securities and Exchange Commission (the 'SEC') and became effective on January 11, 2022. A final prospectus related to the proposed offering will be filed and made available on the SEC's website at https://www.sec.gov/. The offering is being made only by means of a prospectus. Electronic copies of the final prospectus may be obtained, when available, from ThinkEquity, 17 State Street, 22nd Floor, New York, New York 10004, by telephone at (877) 436-3673 and by email at [email protected].

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Hillstream BioPharma, Inc.
Hillstream BioPharma, Inc. (Hillstream) is a biotechnology company developing novel therapeutic candidates targeting ferroptosis, an emerging new anti-cancer mechanism resulting in iron mediated cell death ('IMCD') for drug resistant and devastating cancers. Hillstream's most advanced candidate is HSB-1216, an IMCD modulator, targeting a variety of solid tumors. The active drug in HSB-1216 was found to be efficacious in a clinical pilot study in Germany in devastating cancers, including triple negative breast cancer and epithelial carcinomas. Hillstream intends to start a clinical study with HSB-1216 in 2022 to expand upon the existing early clinical proof-of-concept. Hillstream uses Quatramer™, our proprietary tumor targeting platform, to enhance the uptake of HSB-1216 in the tumor microenvironment with an extended duration of action and minimal off-target toxicity. In addition, Trident Artificial Intelligence, Hillstream's artificial intelligence precision medicine platform, is used to identify biomarkers in our clinical programs to target a specific patient segment most likely to benefit. For more information, please visit www.hillstreambio.com.

Safe Harbor Statement
This press release includes forward-looking statements including, but not limited to, statements related to the closing of the offering and the expected use of proceeds, development of drug candidates, our operations and business strategy, our expected financial results, and corporate updates. The forward-looking statements contained in this press release are based on management's current expectations and are subject to substantial risks, uncertainty and changes in circumstances. Actual results may differ materially from those expressed by these expectations due to risks and uncertainties, including, among others, those related to our ability to obtain additional capital on favorable terms to us, or at all, including, without limitation, to fund our current and future preclinical studies and clinical trials and the success, timing and cost of our drug development program and our ongoing or future preclinical studies and clinical trials, including, without limitation, the possibility of unfavorable new clinical and preclinical data and additional analyses of existing data, that the risks that prior clinical and preclinical results may not be replicated, and risks associated with the current coronavirus pandemic. Forward-looking statements speak only as of the date of this press release, and we undertake no obligation to review or update any forward-looking statement except as may be required by applicable law.

Investor Relations:
Jennifer K. Zimmons, Ph.D., MBA
Zimmons International Communications, Inc.
Tel: +1-917-214-3514
Email: [email protected]
Email: [email protected]
www.hillstreambio.com

SOURCE: Hillstream BioPharma