Moleculin Biotech, Inc. (Nasdaq: MBRX) announced the completion of a $5.9 million public offering on June 20, 2025, providing crucial funding to advance its lead oncology program through pivotal Phase 3 development. The late-stage pharmaceutical company priced 16,080,000 shares of common stock and Series E warrants at $0.37 per share, with the offering expected to close on June 23, 2025.
Funding Annamycin's Phase 3 Development
The company intends to use the net proceeds to advance Annamycin and its other drug portfolios through clinical development, while also supporting preclinical studies and IND filings for its broader pipeline. Annamycin represents a next-generation anthracycline specifically designed to overcome two major limitations of current therapies: multidrug resistance mechanisms and cardiotoxicity commonly associated with prescribed anthracyclines.
Moleculin is currently conducting the MIRACLE (Moleculin R/R AML AnnAraC Clinical Evaluation) Trial (MB-108), a pivotal, adaptive design Phase 3 study evaluating Annamycin in combination with cytarabine, referred to as AnnAraC, for treating relapsed or refractory acute myeloid leukemia. The trial builds on a successful Phase 1B/2 study (MB-106), and with FDA input, the company believes it has substantially de-risked the development pathway toward potential approval for AML treatment.
Broader Pipeline Development
Beyond AML, Annamycin is also in development for soft tissue sarcoma (STS) lung metastases, expanding its potential therapeutic applications. The funding will support advancement of Moleculin's additional drug candidates, including WP1066, an Immune/Transcription Modulator capable of inhibiting p-STAT3 and other oncogenic transcription factors while stimulating natural immune responses. WP1066 targets brain tumors, pancreatic cancer, and other malignancies.
The company is also developing a portfolio of antimetabolites, including WP1122 for potential treatment of pathogenic viruses and certain cancer indications, demonstrating Moleculin's dual focus on oncology and antiviral therapeutics.
Financial Structure and Market Position
Roth Capital Partners served as exclusive placement agent for the offering, with Maxim Group LLC acting as financial advisor. The Series E warrants carry an exercise price of $0.37 per share, are exercisable upon stockholder approval, and will expire five years following the initial exercise date.
As a Phase 3 clinical stage pharmaceutical company, Moleculin maintains a broad portfolio of therapeutic candidates specifically targeting hard-to-treat tumors and viruses. The company's strategic focus on addressing unmet medical needs in oncology, particularly in resistant and difficult-to-treat cancers, positions it within a critical area of pharmaceutical development where new therapeutic approaches are urgently needed.
