Arch Biopartners Inc., of Toronto, grossed C$130,000 (US$97,600) from the exercising of 260,000 warrants to buy common shares at C$0.50 per share. There are 40,000 warrants of this issuance, which expire by September 2019, that are still outstanding.
Clovis Oncology Inc., of Boulder, Colo., said the initial purchasers in its $250 million private placement offering of 4.50% convertible senior notes due 2024 have elected to exercise their option to purchase an additional $13 million of the notes. The company intends to use the net proceeds from the exercise of this option for general corporate purposes, including sales and marketing expenses associated with Rubraca (rucaparib), funding of its development programs, payment of milestones related to its license agreements, and working capital.
Essa Pharma Inc., of Vancouver, British Columbia and Houston, said it is conducting a Canadian and U.S. public offering and will issue up to 18 million common shares at $2 each for aggregate gross proceeds of up to $36 million. The company intends to use the net proceeds primarily to complete several phase I studies with EPI-7386, its lead clinical candidate for the treatment of metastatic castration-resistant prostate cancer. In addition, the company plans to conduct additional studies with EPI-7386 in various preclinical cancer models, including prostate and breast cancer, as well as to continue the development of additional aniten molecules that bind to the N-terminal domain of the androgen receptor (AR), inhibiting AR driven transcription and the AR signaling pathway in a manner that bypasses the drug resistance mechanisms associated with current anti-androgens.
Seelos Therapeutics Inc., of New York, said it entered into a securities purchase agreement with certain institutional investors, providing for the purchase and sale of 4.475 million shares of common stock at $1.50 each, resulting in total gross proceeds of approximately $6.7 million, before deducting the placement agents' fees and other estimated offering expenses. The company also agreed to issue to the investors unregistered warrants to purchase up to 2.23 million shares of common stock in a concurrent private placement. The warrants have an exercise price of $1.78 per share of common stock, will be exercisable six months from the date of issuance and will expire after four years. The company intends to use the net proceeds for general corporate purposes and to advance the development of its product candidates including SLS-005 (trehalose) for mucopolysaccharidosis type III (Sanfilippo syndrome).