Ico Therapeutics Inc., of Vancouver, British Columbia, issued 41.2 million units pursuant to a nonbrokered private placement. They were sold at a price of CA5 cents per unit, for aggregate gross proceeds to the company of about CA$2 million (US$1.5 million). Each unit consists of one common share in the capital of the company and one common share purchase warrant exercisable at CA7.5 cents for 36 months from the date of the closing. All securities issued and issuable in connection with the placement are subject to a statutory hold period expiring on Dec. 17, 2019. The company intends to use the net proceeds for working capital and general corporate purposes.
Satsuma Pharmaceuticals Inc., of South San Francisco, filed to raise as much as $86 million in an IPO. The company, which is developing a drug-device combo product for migraine, plans to list on Nasdaq under the ticker STSA. Credit Suisse, SVB Leerink and Evercore ISI are the joint bookrunners on the deal.
Sernova Corp., of London, Ontario, closed CA$2 million (US$1.5 million) of its nonbrokered private placement made public in June. Also, the firm has received oversubscriptions of CA$404,000 and it is increasing the total amount of the offering of up to CA$2.7 million, for a total offering of 10.8 million special warrants at CA25 cents each. Net proceeds will be used to fund the phase I/II regenerative medicine trial and to advance corporate/academic collaborations.
Springworks Therapeutics Inc., of Stamford, Conn., filed to raise up to $115 million in an IPO. The company, which is targeting rare disease and cancer, plans to list on Nasdaq under the symbol SWTX. J.P. Morgan, Goldman Sachs and Cowen are the joint bookrunners on the deal.