Bioasis Technologies Inc., of Guilford, Conn., said it intends to complete a bridge financing transaction for gross proceeds of about $500,000. The company intends to use the proceeds for working capital purposes and to fund ongoing operations as it continues to pursue additional financing alternatives, including multiple potential technology licensing transactions which may yield near term cash inflows from upfront payments, Bioasis said. Unsecured debentures will be issued to a group of arm’s length investors. The debentures will have a term of one year and bear interest at a rate of 7.5% per annum, payable semi-annually in arrears.
Constellation Pharmaceuticals Inc., of Cambridge, Mass., closed a public offering of 7.5 million shares of common stock (NASDAQ:CNST) at a public offering price of $34.50 per share. Gross proceeds were $257.9 million, before deducting underwriting discounts and commissions and expenses payable by Constellation. All shares in the offering are being sold by Constellation.
Diffusion Pharmaceuticals Inc., of Charlottesville, Va., closed a registered direct offering of about 6.3 million shares of its common stock (NASDAQ:DFFN) priced at-the-market at 56 cents per share and associated warrant. The company also issued about 6.3 million unregistered warrants to the institutional investors in a concurrent private placement. That issue allowed investors to purchase one share of common stock for each share of common stock purchased with an exercise price of 43 cents per share. Gross proceeds, before deducting placement agent fees and other offering expenses, were about $3.5 million. H.C. Wainwright & Co. was the exclusive placement agent for the offerings. Diffusion intends to use the net proceeds to research and develop its lead product candidate, trans sodium crocetinate, for targeting oxygen-deprived parts of the body.
Marinus Pharmaceuticals Inc. of Radnor, Pa., closed an underwritten public offering of 32.2 million shares of its common stock (NASDAQ: MRNS) at a public offering price of $1.25 per share, including the exercise in full by the underwriters of their option to purchase up to 4.2 million additional shares. The offering raised gross proceeds of about $70 million. The company also sold, in a private placement, shares of convertible preferred stock equal to an aggregate purchase price of up to $30 million, at a conversion price of $1.25 per share. The company plans to use net proceeds from the financings to advance clinical development of ganaxolone, a GABA A receptor agonist, including trials for its rare seizure disorder programs.
Processa Pharmaceuticals Inc., of Hanover, Md., plans a $16 million IPO to support its study and development of treatments for rare skin diseases. The company intends to list its common stock on Nasdaq. Processa's lead product, PCS-499, will be studied to treat lipoidica, a necrotizing skin condition caused by pathophysiological changes. The candidate is also being studied to treat radiation-related adverse effects in head and neck cancer.
Promethera Biosciences SA, of Mont-Saint-Guibert, Belgium, disclosed the addition of €7.5 million (US$8.3 million) to its recent €39.7 million series D financing led by new investors Sony Innovation Fund from IGV and Pegasus Tech Ventures. Medipal Holdings, the family office Six Snow, a Japanese private investor and a Belgian private investor also contributed to the extension. Promethera will use proceeds from the financing to further advance its clinical programs in nonalcoholic steatohepatitis and acute-on-chronic liver failure, as well as to accelerate the company’s growth in Asian markets.
Rocket Pharmaceuticals Inc., of New York, finished its previously disclosed underwritten public offering of about 3.8 million shares of its common stock at a public offering price of $22.25 each. The gross proceeds are expected to be about $84.9 million. Rocket intends to use the net proceeds from the offering to further fund the development of its pipeline of gene therapies for rare diseases, to support the buildout of in-house manufacturing capabilities, and for general corporate purposes. J.P. Morgan, Cowen and Evercore ISI acted as joint book-running managers for the offering. Lifesci Capital LLC served as co-manager.