- Nanocap biopharma Processa Pharmaceuticals ( NASDAQ: PCSA ) shed ~10% for the fourth straight session on Friday after announcing agreements with retail investors to issue more than $6M of its common stock in a registered direct offering.
- Per the terms, more than 7.8M shares of the company’s common stock will be on offer at a purchase price of $0.80 per share.
- The company aims to raise $6.25M in gross proceeds from the offering, which is expected to close on or about Feb. 14.
- Processa ( PCSA ) has earmarked the proceeds for future clinical trials, R&D expenses, working capital, and other general corporate purposes.
- The stock offering comes despite a sharp YTD decline in Processa ( PCSA ) shares even after the company said in December that its candidate for GIT disorder gastroparesis, PCS12852, led to clinically meaningful improvements of symptoms in a Phase 2A study.
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Processa extends losses after $6M stock offering