Aravive Inc., of Houston, said it priced an underwritten public offering of 3.33 million shares of its common stock at $7.50 each for gross proceeds of approximately $25 million. The underwriters have been granted a 30-day option to purchase up to 500,000 additional shares of common stock at the public offering price. The net proceeds will be used primarily for research, development and manufacturing of product candidates, and for other general corporate purposes. The company’s shares (NASDAQ:ARAV) closed Wednesday at $8.25, down $1.15.
Vaxil Bio Ltd., of Ness-Ziona, Israel, said the closing date for a previously announced nonbrokered private placement of up to 18.75 million common shares at CA4 cents per share for gross proceeds of up to CA$750,000 (US$565,050) was extended and is expected to now close on or about Dec. 27. The extension will allow for certain new investors to complete their due diligence procedures. Proceeds are intended to be used to advance Immucin, which has completed a phase I/II trial in multiple myeloma, and its newly licensed P-Esbp polymer-based macromolecule, a targeted cancer therapy.
Zosano Pharma Corp., of Fremont, Calif., said it entered a securities purchase agreement with several institutional investors providing for the issuance and sale of 2.181 million shares of its common stock at $1.45 each in a registered direct offering. The net proceeds will be used to fund pre-approval commercialization activities, including submitting its NDA for Qtrypta (M-207) for the treatment of migraine, and for general working capital and corporate purposes. The company’s shares (NASDAQ:ZSAN) closed Wednesday at $1.86, up 22%, or 34 cents.