HOPKINTON, Mass., Nov. 18, 2016 (GLOBE NEWSWIRE) -- Spring Bank Pharmaceuticals, Inc. (Nasdaq:SBPH), a clinical-stage biopharmaceutical company developing novel therapeutics for the treatment of viral infections, cancer, and inflammatory diseases today announced that it has entered into a securities purchase agreement for the sale of approximately $15 million of Spring Bank common stock and warrants in a private placement financing with a select group of accredited investors. The private placement was led by MPM Capital, Oncology Impact Fund with participation by additional new and existing investors. The financing consists of the sale and issuance of 1,644,737 shares of common stock and warrants to purchase 1,644,737 shares of common stock. The securities are being sold for a price of $9.12 per share and associated warrant. The warrants will have an exercise price of $10.79 per share and will expire five years from the date of issuance. The financing is expected to close on or about November 23, 2016, subject to the satisfaction of certain customary closing conditions. William Blair & Company, L.L.C. will act as sole placement agent in connection with the financing. Spring Bank expects to receive aggregate gross proceeds of approximately $15 million, before deducting placement agent fees and estimated offering expenses. Net proceeds from the financing are expected to be used to fund the further advancement of Spring Bank's pipeline of small molecule nucleic acid hybrid molecules. The securities to be sold in the private placement have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), or applicable state securities laws, and accordingly may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws. Spring Bank has agreed to file a registration statement with the Securities and Exchange Commission registering the resale of the shares of common stock issued in the private placement and the shares of common stock issuable upon the exercise of the warrants issued in the private placement.