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VistaGen prices $15M common stock, warrants offering

VistaGen Therapeutics Inc. priced an underwritten public offering of 10 million common shares and warrants to buy up to 10 million shares at $1.50 apiece.

Gross proceeds from the offering is expected to be about $15 million.

Each common share is bundled with a warrant to buy a common share. The warrants are exercisable for $1.50 apiece within a five-year term.

VistaGen will use the net proceeds for research and development, as well as for ordinary course working capital needs and other general corporate purposes.

Closing is expected to occur Dec. 13, subject to customary closing conditions.

Oppenheimer & Co. Inc. is acting as sole book-running manager for the offering, with Chardan as lead manager.