Eupraxia Pharmaceuticals Closes $63.2 Million Offering

MT Newswires Live

02/21

Eupraxia Pharmaceuticals (EPRX) said Friday it closed a public offering of about 7.6 million shares at $7 each, along with pre-funded warrants for roughly 1.4 million shares, raising roughly $63.2 million in gross proceeds.

The offering included full exercise of the underwriters' option to purchase additional shares.

The company plans to use the funds to advance development of EP-104GI, expand its pipeline into additional gastrointestinal indications and support R&D and business development. A portion of the proceeds will be used for general corporate purposes, according to the company.

Shares of Eupraxia were up 4.2% in recent trading.

Price: 8.46, Change: +0.34, Percent Change: +4.19

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