American Brivision Holding Corp., of Fremont, Calif., expanded its private placement to 890,000 shares at $2.25 per share, grossing the company $2 million. For each share purchased in the private placement, investors also received a warrant to purchase an additional share. The offering is scheduled to close on or before June 15. Shares of American Brivision (OTCQB:ABVC) closed down 10 cents, or 3.3%, to $2.90 on May 21.
Flexion Therapeutics Inc., of Burlington, Mass., priced its public offering of about 9.2 million shares at $9.75 per share, grossing the company $90 million. The underwriters have a 30-day option to purchase up to about 1.4 million additional shares. Goldman Sachs & Co. LLC and Credit Suisse are acting as joint book-running managers for the offering. RBC Capital Markets is acting as senior manager and Raymond James and Needham & Co. are acting as co-managers for the offering, which is expected to close on or about May 26. Shares of Flexion (NASDAQ:FLXN) closed down $1.09, or 10%, to $9.83 on May 21.
FSD Pharma Inc., of Toronto, raised CA$400,000 (US$287,000) selling 5 million shares of Pharmadrug Inc., of Toronto, at CA8 cents per share in a private placement. The buyer has the option through June 26, 2020, to purchase an additional 5 million shares of Pharmadrug at CA10 cents per share from FSD Pharma. Shares of Pharmadrug (CSE:BUZZ) closed down CA1 cent, or 9.1%, to CA10 cents on May 21.
Midatech Pharma plc, of Abingdon, U.K., closed its direct offering of about 1.8 million of its American depositary shares (ADS) at $1.65 per ADS. For each ADS purchased, the investors were given a warrant to purchase an additional ADS. Midatech expects to net $2.6 million from the offering, which it will use for the clinical development program of MTX-110, its product for diffuse intrinsic pontine glioma and potentially other pediatric brain cancers, to develop an internal pipeline of Q-Sphera formulation for partnering, for working capital and for general corporate purposes. H.C Wainwright & Co. acted as the exclusive placement agent for the offering.
Nanoviricides Inc., of Shelton, Conn., priced its direct offering of 1.4 million shares at $7.30 per share, grossing the company approximately $10.22 million. Maxim Group LLC and Kingswood Capital Markets, a division of Benchmark Investments Inc., are acting as co-placement agents for the offering, which is expected to close on or about May 22. Shares of Nanoviricides (NYSE American:NNVC) closed down $1.43, or 15.7%, to $7.66 on May 21.
Nautilus Biotechnology Inc., of San Carlos, Calif., raised $76 million in a series B round, bringing its total funding to more than $100 million. The round was led by Vulcan Capital with participation of new investors Perceptive Advisors, Bezos Expeditions and Defy Partners, as well as existing investors AME Cloud Ventures, Andreessen Horowitz, Bolt and Madrona Venture Group. The company plans to use the capital to accelerate development of its proteomics platform and to expand its scientific and engineering staff.
Nervgen Pharma Corp., of Vancouver, British Columbia, closed its private placement that raised CA$2.26 million (US$1.62 million) by selling about 1.8 million units at C$1.25 per unit. Each unit consists of one share and a warrant to purchase an additional share. Nervgen plans to use the capital to fund preclinical studies and for general corporate purposes.
Scpharmaceuticals Inc., of Burlington, Mass., priced its public offering of about 5.8 million shares at $8.65 per share, grossing the company $50 million. The underwriters have a 30-day option to purchase up to an additional 867,052 shares. Jefferies and SVB Leerink are acting as joint book-running managers for the offering. BMO Capital Markets is acting as a bookrunner. H.C. Wainwright & Co. is acting as lead manager for the offering, which is expected to close on May 26. Shares of Scpharmaceuticals (NASDAQ:SCPH) closed down $2.32, or 21.5%, to $8.51 on May 21.
Ultragenyx Pharmaceuticals Inc., of Novato, Calif., exercised its option to purchase 600,000 shares of San Diego-based Arcturus Therapeutics Holdings Inc. for $16 per share. After the purchase is complete, Ultragenyx will own 3 million shares, or 14.6%, of Arcturus outstanding common stock. Shares of Arcturus (NASDAQ:ARCT) closed down $2.64, or 4.7%, to $54.10 on May 21.