ARDS - Aridis Pharmaceuticals to raise $8.5M in direct offering

Aridis Pharmaceuticals (ARDS) enters agreement with institutional investors for the sale of 1,134,470 shares of common stock at $7.4925 per share, for a gross proceed of $8.5M.In a concurrent private placement, the investors agreed to purchase two series of warrants for an aggregate 567,234 shares of common stock.The Series A Warrants sold in the offering will have an exercise price of $7.43 per share, will be exercisable six months from the date of issuance, and will expire three and a half years; The Series B Warrants sold in the offering will have an exercise price of $9.00 per share, will be exercisable six months from the date of issuance, and will expire three and a half years.The Company net proceeds from the offering and private placement to be used for clinical development of its product candidates, working capital and other general corporate purposes.

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Aridis Pharmaceuticals to raise $8.5M in direct offering