SEC Company Response from BIO-PATH HOLDINGS, INC. (BPTH) (CIK 0001133818) (BPTH) — Dec 19, 2013
BIO-PATH HOLDINGS, INC. (BPTH) (CIK 0001133818)
Date: Dec. 19, 2013 · CIK: 0001133818 · Accession: 0001144204-13-068254
AI Filing Summary & Sentiment
File numbers found in text: 333-192102
Referenced dates: December 18, 2013
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[Bio-Path Holdings Letterhead]
December 19, 2013
VIA FACSIMILE, FED EX, AND EDGAR
Ms. Mara L. Ransom
United States Securities and Exchange Commission
Division of Corporation Finance
100 F Street, NE
Washington, D.C. 20549-4628
Re: Bio-Path Holdings, Inc.
Amendment No. 1 to Registration Statement on Form S-3
Filed December 5, 2013
File No. 333-192102
Dear Ms. Ransom:
In response to your
letter dated December 18, 2013, Bio-Path Holdings, Inc., a Utah corporation (the “Company,” “we,” “us”
or “our”), has prepared the following responses to your comments based on your consideration of our Amendment No. 1
to Registration Statement on Form S-3 filed with the Securities and Exchange Commission (the “SEC”) on December 5,
2013.
For your convenience,
we have set forth the original comments from your letter in bold typeface and appearing below them are our corresponding responses.
Comments and Responses:
General
1. We note that the price of your stock
has been at historic highs since the end of August 2013. For example, we note that your stock price on August 1, 2013 was $0.58
and by October 1, 2013 it had increased to $2.29. We also note that the price is significantly higher than the valuation used for
the private placement that you completed during the third quarter of 2013. As the increase does not appear to be attributable to
any publicly announced information about your business, your industry or your prospects, please tell us why you believe the price
of your stock has significantly increased in recent months.
We are a biotechnology
company developing a liposomal delivery technology for nucleic acid cancer drugs. On August 9, 2013, we announced that a scientific
assay has confirmed that our lead product candidate BP-100-1.01 (Liposomal Grb-2) inhibits the disease-causing target protein in
patients with blood cancers. The assay was applied to patient samples taken from our Phase
I clinical trial which is evaluating Liposomal Grb-2 in blood cancers including acute myeloid leukemia (AML), chronic myelogenous
leukemia (CML), acute lymphoblastic leukemia (ALL) and myelodysplastic syndrome (MDS). This discovery is a significant milestone
in the development of our liposomal delivery technology. We believe that the primary reason for the rise in our stock price is
because these results provided proof-of-principle that the Company’s core valuation proposition, delivery technology for
antisense therapeutics, appears to in fact work. In addition to the disclosure of the delivery technology proof-of-principle, we disclosed in our quarterly report
on Form 10-Q for our second quarter, which was filed with the SEC on August 14, 2013, that the Principal Investigator for the Phase
I clinical trial was preparing an abstract of updated information for presentation at the American Society of Hematology annual
meeting in December of 2013, a major conference in the healthcare industry. This poster would be viewed as another important step
in the Company’s development and reasonably be expected to include important results of the clinical trial through the recently
completed Cohort 5, another significant clinical development milestone for the Company’s lead drug candidate, as well as
the scientific data from the inhibition assay.
With regard to
the lower stock price used in our recent private placement, please note that the offering commenced in July of 2013 and the
offering price was determined taking into account the then-current stock price of our common stock on the OTCQX. This
determination was made before the announcement of the delivery technology proof-of-principle, before the disclosure of
the presentation at the American Society of Hematology and before the rise in our stock price that followed those
announcements. We would also like to note that because our stock price began to appreciate after the delivery technology
announcement, we voluntarily closed the offering earlier than anticipated, even though there were commitments from investors
for additional investment.
* * * * * * * *
Should you have any
additional questions, please contact me by phone at (832) 971-6616, or e-mail at pnielsen@biopathholdings.com. We will be pleased
to provide any additional information that may be necessary.
Sincerely,
BIO-PATH HOLDINGS, INC.
/s/ Peter H. Nielsen
Peter H. Nielsen
President and Chief Executive Officer