ARAV - Aravive to raise $41.5M in direct stock offering
- Aravive ( NASDAQ: ARAV ) announced Tuesday a direct stock offering of 45.18 million shares and accompanying warrants in the private placement deal with biotech investors.
- The units are issued at $0.9199 each with half of warrant exercisable at $0.7949 per share through expiry conditional upon the topline Phase 3 platinum-resistant ovarian cancer (PROC) data release.
- Gross proceeds estimated to be ~$41.5M
- The Texas-based biotech firm said it will use the net proceeds for funding purposes to get beyond the topline readout of the pivotal Phase 3 trial in PROC, incremental data read outs from the Phase 1b/2 trial in clear cell renal cell cancer and expanded Phase 1b pancreatic adenocarcinoma studies anticipated in 2023.
- Closing of the offering is expected on Oct. 27, 2022.
- Aravive ( ARAV ) shares are up 14% in pre-market trading on Tuesday .
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Aravive to raise $41.5M in direct stock offering