Citius Pharmaceuticals Inc., of Cranford, N.J., said it closed its at-the-market offering of about 7.8 million shares and common warrants to purchase up to an aggregate of 7.8 million shares, sold at $0.8951 per share and warrant. Underwriter H.C. Wainwright & Co. has a 30-day option to purchase up to an additional 1.2 million shares and/or common warrants to purchase up to about 1.2 million shares. Gross proceeds were about $7 million. Net proceeds of about $6.1 million will be used for general corporate purposes, including phase III work on Mino-Lok in treating catheter-related bloodstream infections.
Plus Therapeutics Inc., of Austin, Texas, said it closed its underwritten public offering of 3 million units, with each unit consisting of one share of common stock (or a common stock equivalent) and one series U warrant to purchase one share of common stock at $5. In addition, the underwriter has exercised its option to purchase additional series U warrants to purchase up to 450,000 shares of common stock. The company has also granted the underwriter a 45-day option to purchase up to an additional 450,000 shares of common stock. The gross proceeds are approximately $15 million, excluding the exercise of any series U warrants and the underwriter's option to purchase additional securities. The company intends to use the net proceeds for working capital, payment of interest on its debt and general corporate purposes.
Resverlogix Corp., of Calgary, Alberta, said it issued a 10% secured convertible debenture in the principal amount of $12 million, and maturing on Sept. 26, 2020, to a wholly owned subsidiary of ORI Star Fund LP. The fund may elect to convert the debenture into common shares of the company at a conversion price equal to the lesser of CA$2.54 (US$1.51) per share and the five-day volume-weighted average trading price of the common shares on the date of conversion. The fund received 600,000 common share purchase warrants exercisable until Dec. 31, 2023, at CA$2.54 per share. The net proceeds were used to repay in full the company's senior secured term loan with Third Eye Capital, as agent for a syndicate of lenders.
Ribometrix Inc., of Durham, N.C., said it added $7.8 million in funding from additional investors, the Dementia Discovery Fund and Illumina Ventures. Proceeds will be used for continued development of the firm's discovery platform, which uses structural analysis and assays to identify ligands that bind to pockets in RNAs to modulate protein expression.