Ohr Pharmaceutical Inc. closed its public offering of common stock and warrants.
The company sold 3,885,000 common shares at a price of $2.00 per share. Investors also received series A warrants to purchase 1,942,500 common shares and series B warrants for 3,885,000 shares.
Ohr previously offered 3,875,000 common shares, series A warrants for 1,937,500 common shares and series B warrants for 3,875,000 common shares.
Series A warrants have a term of five years and an exercise price of $2.75 per share, and the series B warrants have a term of six months and an exercise price of $3.00 apiece. Both series of warrants are exercisable immediately.
The offering generated gross proceeds to the company of about $7.8 million, excluding proceeds from the exercise of warrants.
H.C. Wainwright & Co. LLC was the exclusive placement agent for the offering.