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Venaxis Inc Closes Underwritten Public Offering, Including Full Over-Allotment


Thursday, 30 May 2013 04:05pm EDT 

Venaxis Inc announced the closing of its previously announced underwritten public offering. The underwriter fully exercised its option to purchase additional shares of common stock and related warrants to cover over-allotments, resulting in the sale of 11,500,000 shares of common stock and related warrants to purchase up to 4,025,000 shares of 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. The gross proceeds to Venaxis from this offering were approximately $14.4 million, before deducting underwriting discounts and commissions and other estimated offering expenses payable by Venaxis and excluding the proceeds, if any, from the exercise of warrants. Piper Jaffray & Co. acted as sole manager for the offering. Venaxis anticipates using the net proceeds from the offering for working capital and other 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. 

Company Quote

1.59
-0.02 -1.24%
4:00pm EDT