Acerus Pharmaceuticals Corp., of Toronto, closed its recently announced refinancing transactions, receiving $18 million in gross proceeds from a private placement of about 449.1 million shares (TSX:ASP) with First Generation Capital Inc. It also converted $11.5 million (plus accrued interest of $526,021) owed to First Generation under an earlier secured term loan facility. In addition, Acerus paid SWK Funding LLC an amendment fee of $80,000 and amended the exercise price of about 6.7 million outstanding common share purchase warrants of the company owned by SWK from CA11 cents (US8 cents) to about CA5 cents. The company also made a prepayment of $250,000 of principal to SWK. Acerus said it expects to seek approval from its shareholders for a share consolidation at the company’s next annual meeting.
Adamis Pharmaceuticals Corp., of San Diego, is selling about $6.7 million of its common (NASDAQ:ADMP) stock in a registered direct offering and warrants to purchase shares of common stock in a concurrent private placement. The offering and placement are expected to close on Feb. 25. The combined purchase price for one share of common stock and 0.75 warrants is 58 cents. Maxim Group LLC is acting as the sole placement agent. Adamis recently obtained concurrence from the FDA on CMC information required for resubmission of its NDA for Zimhi, a high-dose naloxone injection candidate. Company shares fell 8.7% to close at 63 cents on Friday.
Agile Therapeutics Inc., of Princeton, N.J., priced an underwritten public offering of 15 million shares of its common stock (NASDAQ:AGRX) at a public offering price of $3 per share. Gross proceeds from the offering are expected to be about $45 million. In addition, Agile has granted the underwriters a 30-day option to purchase up to 2.25 million additional shares. Agile recently gained FDA approval for Twirla (levonorgestrel and ethinyl estradiol), its once-weekly hormonal contraceptive patch.
Akari Therapeutics plc, of London, said it raised about $6 million through a private placement of shares (NASDAQ:AKTX) with investors, including the company's chairman. It will issue unregistered American depository shares (ADSs) at a purchase price of $1.70 per ADS. Additionally, for each ADS purchased, the investors will receive an unregistered warrant to purchase one-half ADS. The warrants will have an exercise price of $2.20 per ADS. Paulson Investment Co. LLC, is acting as the exclusive placement agent in connection with the offering.
Algernon Pharmaceuticals Inc., of Vancouver, increased its previously announced nonbrokered private placement of units, issuing about 18.3 million units priced at CA9 cents per unit (US6 cents), raising gross proceeds of about CA$1.6 million. Net proceeds of the offering will be used to fund the company’s planned phase II trial programs and for general corporate purposes. In January, the company said it had appointed a contract research organization for its upcoming phase II idiopathic pulmonary fibrosis and chronic cough study for the drug candidate NP-120 (ifenprodil), which is expected to start in the second quarter.
Avadel Pharmaceuticals plc, of Dublin, said it entered a definitive agreement for the sale of its American depositary shares and series A nonvoting convertible preferred shares in a private placement to a group of institutional accredited investors led by Vivo Capital, Avoro Capital Advisors, RTW Investments, Venrock Healthcare Capital Partners, Acuta Capital and KVP Capital. It will issue about 8.7 million ADSs and 487,614 shares of series A preferred stock at a price of $7.09 per share. The private placement is expected to result in gross proceeds of about $65 million. Proceeds will be used to fund continued development of FT-218, an investigational once-nightly formulation of Micropump controlled-release sodium oxybate for the potential treatment of excessive daytime sleepiness and cataplexy in patients suffering from narcolepsy, as well as for general corporate purposes.
Briacell Therapeutics Corp., of Berkeley, Calif., commenced an underwritten public offering to raise up to $12.5 million. Each common unit consists of one common share and one warrant entitling the holder to purchase one common share at an exercise price equal to 125% of the public offering price of the common units, expiring five years from the date of issuance. The company intends to grant the underwriters a 45-day option to purchase additional common shares and/or prefunded warrants, representing 15% of the common shares and prefunded warrants sold in the offering and/or up to additional unit warrants, representing 15% of the unit warrants in the offering. Thinkequity, a division of Fordham Financial Management Inc., is acting as sole book-running manager.
Eyepoint Pharmaceuticals Inc., of Watertown, Mass., priced an underwritten public offering of 15 million shares of its common stock at $1.45 per share. The gross proceeds are expected to be about $21.7 million. Eyepoint granted the underwriters a 30-day option to purchase up to about 2.2 million more shares at the offering price. Guggenheim Securities is acting as sole book-running manager for the offering. Laidlaw & Co. (UK) Ltd. is serving as co-manager.
Vaxil Bio Ltd., of Ness-Ziona, Israel, said it will continue to pursue its convertible debt financing but with amended terms. The firm will be issuing convertible debentures with a face value of $1,000 and bearing an annual interest rate of 10% for gross proceeds of up to $200,000. The debentures will accrue interest at 10% per annum and the principal and interest will be repayable within one year. The company has the right but not obligation to pay and satisfy the repayment amount by issuing shares. Proceeds will be used as a bridge financing to fund the company’s working capital while Vaxil continues to explore alternative financing avenues in order to be able to continue its operations.
Xeris Pharmaceuticals Inc., of Chicago, said that, in connection with its previously disclosed underwritten public offering of shares of common stock, the underwriters partially exercised their option to purchase about 1.2 million shares of common stock from the company out of about 1.3 million total shares underlying the option. The exercise of that option increased the size of the offering to an aggregate of about 10.2 million shares at a price to the public of $4.15 each, for gross proceeds of about $42.7 million. Jefferies, Piper Sandler, RBC Capital Markets and Mizuho Securities acted as joint book-running managers.