- Eupraxia Pharmaceuticals (EPRX) has priced its previously announced overnight marketed public offering
- Eupraxia will issue 6,297,000 units at a price of $2.05 per unit for gross proceeds of approximately C$12.9 million
- Each unit will consist of one common share in the capital of the company and one common share purchase warrant
- Eupraxia is a clinical-stage biotechnology company focused on the development of locally delivered, extended-release alternatives to currently approved drugs
- Each warrant will entitle the holder to acquire one common share of the company for 48 months from the closing of the offering at a price of $3.00
- Shares of Eupraxia Pharmaceuticals Inc. (EPRX) are down 12.2 per cent on the day, trading at $1.80 at 3 pm ET
Eupraxia Pharmaceuticals (EPRX) has priced its previously announced overnight marketed public offering.
Eupraxia will issue 6,297,000 units priced at $2.05 per unit for gross proceeds of approximately C$12.9 million.
Each unit will consist of one common share and one common share purchase warrant.
Each warrant will entitle the holder to acquire one additional share at a price of $3.00.
The company intends to use the net proceeds from the offering for the company’s ongoing research & development activities. These include the clinical development of EP-104IAR, other pre-clinical and clinical targets as well as for working capital and general capital purposes.
The offering is expected to close on or about April 20, 2022, subject to customary closing conditions.
Eupraxia is a clinical-stage biotechnology company focused on the development of locally delivered, extended-release alternatives to currently approved drugs.
Eupraxia’s lead product candidate, EP-104IAR, is currently in Phase 2 development for the treatment of pain due to OA (Osteoarthritis) of the knee. In addition to EP-104IAR, Eupraxia is developing a pipeline of earlier-stage long-acting formulations.
Shares of Eupraxia Pharmaceuticals Inc. (EPRX) are down 12.2 per cent on the day, trading at $1.80 at 3 pm ET.