Algernon Pharmaceuticals Inc., of Vancouver, British Columbia, said it filed a final short form prospectus with securities regulatory authorities in British Columbia, Alberta, Saskatchewan and Ontario in connection with its best efforts marketed public offering of $2.5 million to $5 million in units priced at 11 cents apiece. Each unit comprises one class A common share and one class A common share purchase warrant. Net proceeds primarily will fund up to three phase II trials in the indications of nonalcoholic steatohepatitis, chronic kidney disease, inflammatory bowel disease or idiopathic pulmonary fibrosis. The company also granted Mackie Research Capital Corp., sole agent and bookrunner, a 30-day option to purchase up to 15% in additional units to fill overallotments. The offering is expected to close by Oct. 16.

Biovie Inc., of Los Angeles, filed an amended S-1 with the SEC to revive its IPO. The company is seeking to raise up to $15 million, based on a registered offering of 1.7 million units at $8.75 apiece consisting of one share and one-half warrant. Full warrants may be exercised at 125% of the offering price. The company said net proceeds, along with $340,000 in cash reported at June 30, primarily will fund trials of BIV-201, a vasopressin V1 receptor agonist in phase II development to treat cirrhosis. In August, Biovie indicated it would seek to raise $15 million by offering 1.3 million shares priced at $11.44 apiece, based on its price on the OTCQB marketplace, where shares trade as BIVI. The company subsequently postponed the offering. Biovie is seeking to list on Nasdaq as BIVI. Thinkequity is sole bookrunner on the deal, which was not priced. On Wednesday, BIVI closed on the OTCQB at 7 cents.

Medicenna Therapeutics Corp., of Toronto, said it priced a marketed offering of units at CA$1.30 (US98 cents) apiece, with each unit comprising one common share and one-half warrant. Full warrants may be exercised at CA$1.75 per common share for 36 months following close of the offering, which is being undertaken on a best efforts basis in British Columbia, Alberta and Ontario through a syndicate led by Bloom Burton Securities Inc. that includes Mackie Research Capital Corp. and Haywood Securities Inc. The number of units and minimum and maximum size of the offering are yet to be negotiated. Medicenna expects to grant the agents a 30-day option to sell up to 15% in additional units to fill overallotments. Net proceeds mainly will fund activities to prepare for meetings with regulatory agencies related to MDNA-55, an IL-4 receptor modulator under evaluation in a phase IIb trial in recurrent glioblastoma, and advancement of MDNA-19, an interleukin-2 ligand targeting cancer and immune diseases. On Wednesday, the company's shares, trading on the Toronto Stock Exchange as MDNA, closed down 14% at CA$1.17.

Motif Bio plc, of London, said it conditionally raised £600,000 (US$738,000) through a placing of approximately 142.9 million ordinary shares at an issue price of 42 pence apiece. The funding is designed to provide the company with additional working capital to implement proposed restructuring initiatives, including the wind down or disposal of its wholly owned U.S. subsidiary, Motif Biosciences Inc., and implementation of certain changes to its capital structure. Closing of the placing is conditional on passage of the proposed resolutions by shareholders at a called general meeting. SP Angel Corporate Finance LLP acted as bookrunner on the placing. In February, the FDA issued a complete response letter on the NDA for iclaprim, the company's antibiotic targeting acute bacterial skin and skin structure infections caused by gram-positive pathogens. On Wednesday, Motif Bio's shares (LONDON:MTFB) closed at 66 pence while its ADRs (NASDAQ:MTFB) closed at 26 cents. (See BioWorld, Feb. 15, 2019.)

Predictive Oncology Inc. (formerly Precision Therapeutics Inc.), of Minneapolis, which applies artificial intelligence to personalized medicine and drug discovery, priced a public offering of approximately 6.3 million common shares on a best efforts basis at 50 cents apiece for expected gross proceeds of up to $3.2 million. The offering is expected to close by Oct. 4. Dawson James Securities Inc. and Paulson Investment Co. LLC are exclusive placement agents. The company's shares (NASDAQ:POAI) lost 6 cents Wednesday to close at 50 cents.

Rigel Pharmaceuticals Inc., of South San Francisco, said it entered a $60 million term loan credit facility with Midcap Financial, receiving an initial tranche of $10 million at closing. Of the additional $50 million to which Rigel has access, $40 million is subject to the achievement of undisclosed conditions. Rigel also said it received collaboration payments totaling $9 million, including $5 million up front from Medison Pharma Ltd., of Petah Tikva, Israel, with respect to a potential $35 million agreement signed Oct. 1 for fostamatinib commercialization in Canada and Israel and a $4 million development milestone payment from Aclaris Therapeutics Inc., of Wayne, Pa., as part of a 2015 collaboration agreement. On Wednesday, Rigel shares (NASDAQ:RIGL) lost 3 cents to close at $1.70.

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