Processa Pharmaceuticals (PCSA) said Tuesday it has priced a public offering to raise $7 million, with H.C. Wainwright as its placement agent.
The company said it is offering 28 million shares and warrants to purchase up to the same number of shares at $0.25 per share and warrant. Investors can also buy pre-funded warrants in lieu.
Processa said it expects to close the offering June 18, with funds raised to be used for its phase 2 trial of NCG-Cap, and for working capital and general corporate purposes.
The shares were up over 27% in recent trading.
Price: 0.29, Change: +0.06, Percent Change: +27.32
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