- Revelation Biosciences ( NASDAQ: REVB ) stock slumped ~40% on Thursday after the company priced a stock and warrants offering to raise about $15.6M in gross proceeds.
- The company is offering of 3.225M common shares with warrants to buy up to 6.45M shares at $4.83 per share and associated warrant.
- The warrants will have an exercise price of $5.36 per share.
- Revelation plans to use the net proceeds to develop REVTx-100 and REVTx-300, including the manufacturing of clinical supply of drug product; for a combined phase 1a trial of the two drugs; a phase 1b study of REVTx-100 for preventing surgical site infection in colorectal surgery; and a phase 1b trial of REVTx-300 to prevent and treat AKI due to cardiac surgery.
- The funds are also expected to be used for preclinical work for the two drugs; develop other products, and for working capital and general corporate purposes.
- The offering is expected to close on Feb. 13
For further details see:
Revelation stock crashes ~40% on pricing $15.6M stock, warrants offering