Closes $1.6 Million Convertible Debt Offering
LAWRENCE, MA–BTHE,(Marketwired – Oct 3, 2016) – Boston Therapeutics, Inc. (OTCQB: BTHE) (“Boston Therapeutics” or the “Company”) announced that it closed a private placement yielding gross proceeds to the Company of $1,600,000 pursuant to which it issues convertible notes and common stock purchase warrants to acquire 16,000,000 shares of common stock at a purchase price of $0.10 per share. Boston Therapeutics intends to use the proceeds from its offering primarily for working capital, marketing and the development of partnerships with respect to SUGARDOWN® and general administration.
In connection with this offering, the Company also appointed Carl W. Rausch to take over as the Chief Executive Officer. Mr. Rausch commented, “I look forward to leading Boston Therapeutics as we take advantage of the experience and support we have gained from Asia. We are looking forward to many positive changes within the Company including the appointment of new members to our Board of Directors and additional members and advisors to our management team. Boston Therapeutics will continue to remain lean regarding its infrastructure. We expect to start new clinical trials within the US and Asia in the coming months as well as to continue with our clinical programs in Asia. With this fund raise and our Asia operations support and experience, we will have a fresh start for our organization.”
About Boston Therapeutics, Inc.
Boston Therapeutics, headquartered in Lawrence, MA, (OTCQB: BTHE), with an alliance in Hong Kong/China, is positioned to build upon the innovations in designing compounds using complex carbohydrate chemistry. The company’s product pipeline is focused on developing and commercializing therapeutic molecules that address diabetes and inflammatory diseases, including: BTI-320, presently a non-systemic chewable therapeutic compound designed to reduce HbA1C, and IPOXYN, an injectable anti-necrosis drug designed initially to treat lower limb ischemia associated with diabetes. The company also developed and markets sugardown®, a type of sugar “blocker” dietary supplement designed to support glycemic health. More information is available at www.bostonti.com and will be presented at appropriate forums and in publications as progress is made.
Cautionary Note Regarding Forward Looking Statements
This press release contains, in addition to historical information, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to future events or future financial performance, and use words such as “may,” “estimate,” “could,” “expect” and others. They are based on our current expectations and are subject to factors and uncertainties which could cause actual results to differ materially from those described in the statements. Factors that could cause our actual performance to differ materially from those discussed in the forward-looking statements include, among others that our plans, expectations and goals regarding our clinical development of BTI-320 are subject to factors beyond our control. We can provide no assurance we or our commercial partner will be able to generate market demand for sugardown®, and thus we may not be able to generate revenue from sugardown® sales.
Moreover, we have incurred operating losses since our inception, and our ability to successfully develop, market, manufacture, distribute and sell drugs or over-the-counter products may be affected by our ability to manage costs and finance our continuing operations. For a discussion of additional risk and other factors affecting our business, see our Annual Report on Form 10-K for the year ended December 31, 2015, and our subsequent filings with the SEC.
You should not place undue reliance on forward-looking statements, and actual results may differ materially from the results anticipated in our forward-looking statements. Although subsequent events may cause our views to change, we disclaim any obligation to update forward-looking statements.