Ampio Pharmaceuticals Inc. closed a registered direct offering of 10,990,245 shares of common stock and warrants to purchase up to 10,990,245 shares of common stock, for gross proceeds of about $6.6 million.
Each unit, priced 60 cents, comprises 1 common share and 1 warrant with an exercise price of 76 cents per share. The warrants are exercisable six months after issuance, and are valid five years after they become exercisable.
The company said it plans to use proceeds for working capital and general corporate purposes, including financing of its Ampion clinical trial.
Joseph Gunnar & Co. LLC and Fordham Financial Management Inc. acted as placement agents for the offering.