CTRV - NetworkNewsBreaks - ContraVir Pharmaceuticals Inc. (NASDAQ: CTRV) Closes $15.6M Underwritten Public Offering
ContraVir Pharmaceuticals (NASDAQ: CTRV), a biopharmaceutical company focused on the development of therapeutic drugs for the treatment of liver disease arising from non-alcoholic steatohepatitis (“NASH”) and chronic viral infection, has closed an underwritten public offering resulting in total gross proceeds of approximately $15.6 million. According to the update, the offered securities included (i) Class A units, at a combined price of $6.00 per unit, each consisting of one share of common stock and one warrant to purchase one share of common stock, and (ii) Class B units, at a combined price of $1,000 per unit, each consisting of one share of Series E convertible preferred stock, with a stated value of $1,000 per share, and convertible into 167 shares of common stock per share of Series E convertible preferred stock, and a warrant to purchase 167 shares of common stock. ROTH Capital Partners acted as lead placement agent for the offering.
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About ContraVir Pharmaceuticals
ContraVir is a clinical state biopharmaceutical company focused on the development of targeted therapies for liver disease arising from non-alcoholic steatohepatitis (“NASH”) and chronic hepatitis infection (“HBV,” “HCV,” “HDV”). The company’s lead drug candidate is CRV431, which reduces liver fibrosis and hepatocellular carcinoma tumor burden in experimental models of NASH. Preclinical studies also have demonstrated antiviral activities towards HBV, HCV, and HDV through several mechanisms. These diverse therapeutic activities result from CRV431’s potent inhibition of cyclophilin enzymes, which are involved in many disease processes. Currently, in clinical phase development, CRV431 shows potential in the overall treatment of liver disease – from triggering events through to end-stage disease. For more information, visit the company’s website at www.ContraVir.com.
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