Acer Therapeutics Inc., of Newton, Mass., entered a purchase agreement with Lincoln Park Capital Fund LLC to sell up to $15 million in common stock. Acer has the right to sell the stock over a 36-month term at the current market price. Acer issued shares to Lincoln Park as a commitment fee. The company plans to use the proceeds for working capital and general corporate purposes. Shares of Acer (NASDAQ:ACER) closed down 12 cents, or 5%, to $2.28 on May 1.
Achieve Life Sciences Inc., of Seattle, entered agreements to sell about 5.6 million units, consisting of one share of common stock and a warrant to purchase 0.75 shares of common stock, for 33 cents per unit, grossing the company $1.9 million. Paulson Investment Co. LLC, acted as the placement agent. Achieve plans to use the proceeds to fund its clinical research and development and for general working capital. Shares of Achieve (NASDAQ:ACHV) closed up 3.81 cents, or 9%, to 45.99 cents on May 1.
ADC Therapeutics SA, of Lausanne, Switzerland, gained a $115 million convertible credit facility with funds affiliated with Deerfield Management Co. L.P. The latter agreed to extend senior secured convertible term loans to the company in two separate disbursements, each subject to satisfaction of certain conditions. Specifically, Deerfield agreed to extend an initial disbursement of convertible loans to the company in the amount of $65 million upon completion of an IPO and satisfaction of certain other conditions and a subsequent disbursement of convertible loans to the company in the amount of $50 million upon receipt of regulatory approval for Lonca (loncastuximab tesirine) and satisfaction of certain other conditions.
Aeglea Biotherapeutics Inc., of Austin, Texas, closed its public offering of about 15.5 million shares of its common stock at $4.75 per share. The company also sold prefunded warrants to purchase up to an aggregate of 13.6 million shares of common stock at a purchase price of $4.7499 per prefunded warrant. Gross proceeds of the combined offerings were approximately $138 million. J.P. Morgan Securities LLC, Evercore Group LLC. and Piper Sandler & Co. acted as joint book-running managers in the offering. Jonestrading Institutional Services LLC and Needham & Co. LLC acted as co-managers.
Algernon Pharmaceuticals Inc., of Vancouver, British Columbia, plans to raise CA$5 million (US$3.56 million) by selling 12.5 million special warrants for 40 cents each. The company plans to use the proceeds for ongoing research, clinical trials, working capital and general corporate purposes. The warrants entitle the holder to one common share of the company and a warrant to purchase an additional share. Mackie Research Capital Corp. is acting as the sole agent and sole bookrunner and has a 48-hour option to purchase up to an additional 15% of the special warrants. Shares of Algernon (CSE:AGN) closed down CA5.5 cents, or 11.7%, to CA41.5 cents on May 1.
Alume Biosciences Inc., of La Jolla, Calif., said it completed a series A funding of $5.5 million, expected to fully fund a phase I/II study of ALM-488, an intravenously administered peptide-dye conjugate for fluorescence highlighting of nerves during surgery. The drug will be examined for both safety and efficacy in patients undergoing head and neck surgery.
IMV Inc., of Dartmouth, Nova Scotia, plans to raise CA$22.3 million (US$15.9 million) by selling about 7.8 million units, consisting of one common share and 0.35 of one common share purchase warrant, in a private placement at CA$2.86 per unit. The private placement is being co-led by Fonds de Solidarité FTQ and Lumira Ventures, along with participation by Altium Capital and other investors. IMV plans to use the proceeds for the clinical development of DPX-Survivac and for general corporate purposes, including funding research and development, preclinical and clinical expenses, and corporate costs. Shares of IMV (TSX:IMV) closed down CA24 cents, or 7.1%, to CA$3.16 on May 1.
Lyra Therapeutics Inc., priced its IPO of 3.5 million shares at $16 per share, grossing the company $56 million. The underwriters have a 30-day option to purchase up to an additional 525,000 shares. BofA Securities, Jefferies and William Blair are acting as joint book-running managers for the offering. BTIG is acting as a co-manager for the offering, which is scheduled to close on May 5. Shares of Lyra (NASDAQ:LYRA) closed at $18.56 in its first day of trading on May 1.
Neubase Therapeutics Inc., of Pittsburgh, closed its public offering of about 6 million shares of common stock, including 787,500 shares sold as part of the underwriters' option, for $6 per share, netting the company approximately $33.3 million. The company plans to use the proceeds for working capital and general corporate purposes and to advance the development of its product candidates and expand its pipeline. Oppenheimer & Co. Inc. and BTIG acted as the joint book-running managers for the offering, and Chardan and National Securities Corp. acted as the co-managers.