PTPI - Petros Pharmaceuticals slips on $15M private placement financing
2023-07-14 10:27:11 ET
- Petros Pharmaceuticals ( NASDAQ: PTPI ) shares slipped -9.3% in early trading on Friday after the company said it had secured $15M private placement financing.
- The micro-cap health company said it had it will utilize the funds to advance bringing its erectile dysfunction drug, STENDRA, to non-prescription OTC status.
- PTPI said the new funds, combined with cash on its balance sheet, will allow it to fund its initiatives through the end of 2024.
- "The closing of the private placement is subject to customary closing conditions and is expected to occur on or around July 17, 2023," said PTPI in a statement .
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Petros Pharmaceuticals slips on $15M private placement financing