AIT Therapeutics Announces $9.82 Million Private Placement

NEW YORK, Feb. 16, 2018 (GLOBE NEWSWIRE) -- AIT Therapeutics Inc. (OTC:AITB), a clinical-stage biopharmaceutical company focused on developing inhaled Nitric Oxide (NO) for the treatment of patients with serious lung infections and pulmonary hypertension, today announced that it has completed a private placement with a select group of investors, which, assuming the exercise of the Tranche A portion of the warrants (as described below) sold in the private placement, will result in gross proceeds to the Company of approximately $9.82 million, before deducting placement agent fees and offering expenses. The private placement consists of warrants to purchase shares of the Company’s common stock. Each warrant is comprised of (i) 2,299,802 Tranche A warrants to purchase one share of common stock at an exercise price of $4.25 per share, exercisable within three days from warrant issuance, and (ii) an equal number of Tranche B warrants to purchase one share of common stock at an exercise price of $4.25 per share, exercisable within three years from warrant issuance. The Company has also agreed to provide the investors customary resale registration rights with respect to the shares of common stock issuable upon exercise of the warrants.

AIT Therapeutics expects to use the proceeds from the offering primarily to support the Company’s ongoing operations related to its three inhaled Nitric Oxide (NO) programs:

Persistent Pulmonary Hypertension of the Newborn (PPHN)
• AIT anticipates a 510k regulatory submission in the United States (US) around year-end 2018
• Select regulatory filings outside the US are planned to begin in 2019

Bronchiolitis (BRO)
• Data from a pilot study were published in 2017 in the Pediatric Pulmonology Journal
• A 94 patient study is ongoing in Israel with top-line data expected to be reported early in the second quarter of 2018
• A US pivotal study is expected to start in the fourth quarter of 2018 and complete in the second quarter of 2019 with a US regulatory filing to follow shortly thereafter
• Regulatory filings outside the US are planned to begin in 2020
Nontuberculous Mycobacteria (NTM) Abscessus
• AIT recently announced preliminary results from a pilot study and will present the full dataset at the American Thoracic Society Meeting, to be held in San Diego from May 18 to 23, 2018
• AIT anticipates meeting with FDA during the second quarter of 2018 to discuss a pivotal trial design
• AIT anticipates the completion of treatment of one cystic fibrosis patient suffering from NTM abscessus around the end of the first quarter 2018. The treatment will be administered at the National Heart, Lung, and Blood Institute (NHLBI) with our commercial scale generator based NO delivery system
Laidlaw & Co. (UK) Ltd. acted as lead placement agent for the transaction and Brookline Capital, a division of CIM Securities, acted as co-placement agent.

The securities to be sold in this private placement have not been registered under the Securities Act