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Venaxis Inc Announces Pricing Of Offering Of Common Stock And Warrants


Thursday, 23 May 2013 07:03pm EDT 

Venaxis Inc announced the pricing of an underwritten public offering of 10,000,000 shares of its common stock and related warrants to purchase 3,500,000 shares of its common stock at an exercise price of $1.36 per share at a combined public offering price of $1.25 per share and related warrant. Venaxis has also granted the underwriter a 30-day option to purchase up to an additional 1,500,000 shares and related warrants to purchase up to an additional 525,000 shares of common stock to cover over-allotments, if any. The shares of common stock and warrants are immediately separable and will be issued separately in the offering. The offering is expected to close on May 30, 2013, subject to customary closing conditions. All of the shares and warrants in the offering are being sold by Venaxis. Venaxis expects to receive net proceeds from the offering of approximately $11.1 million, after deducting estimated underwriting discounts and commissions and offering expenses. Venaxis intends to use the net proceeds from the offering primarily for general corporate purposes, including funding for further clinical development, seeking FDA clearance for APPY1, and for initial commercialization of APPY1 in the U.S. and the E.U. Piper Jaffray & Co. is acting as sole manager for the offering. 

Company Quote

1.8
0.09 +5.26%
19 Dec 2014