Panbela Announces Pricing of Approximately $15 Million Public Offering

Panbela Therapeutics

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Panbela Therapeutics, Inc. (Nasdaq: PBLA), a clinical-stage company developing disruptive therapeutics for the treatment of patients with urgent unmet medical needs, announced today the pricing of a public offering of I 6,675,000 shares of its common stock (or pre-funded warrants in lieu thereof) and (ii) warrants to purchase up to 13,350,000 shares of its common stock (the “Public Warrants The Public Warrants will have an exercise price of $2.75 per share, will be exercisable immediately, and will expire five years after issuance. Subject to customary closing conditions, the offering is expected to close on or about January 30, 2023.

Roth Capital Partners is the offering’s lead placement agent, and Maxim Group LLC is its co-placement agent.

Before deducting placement agent fees and commissions and offering expenses, gross proceeds are expected to be around $15.0 million. The net proceeds of the proposed offering will be used by the Company for the continued clinical development of its product candidates ivospemin (SBP-101) and eflornithine (CPP-1X), working capital, business development, and other general corporate purposes, which may include debt repayment.

The securities described above are being offered pursuant to a registration statement on Form S-1 (File No. 333-268854), as amended, that was declared effective by the U.S. Securities and Exchange Commission (“SEC”), on January 25, 2023, and an additional registration statement filed with the SEC on January 26, 2023 pursuant to Rule 462(b) under the Securities Act of 1933, as amended.  The offering is being made solely by means of a prospectus. Copies of the accompanying prospectus relating to and describing the terms of the offering may be obtained, when available, at the SEC’s website at www.sec.gov or by contacting Roth Capital Partners, LLC, 888 San Clemente Drive, Suite 400, Newport Beach, CA 92660 or by email at rothecm@roth.com.

This press release does not and shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or other 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 other jurisdiction. Any offer, if at all, will be made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement.

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