Kitov Pharma Ltd. priced a registered direct offering of 3,428,572 American depositary shares at $1.75 apiece.
The Israeli drug developer expects to raise $6 million in gross proceeds from the offering.
Kitov Pharma will also issue unregistered warrants to purchase up to 2,571,430 ADSs. Each warrant can be exercised at $2 per ADS for a period of five and a half years.
H.C. Wainwright & Co. is the exclusive placement agent for the offering.
Tel Aviv, Israel-based Kitov Pharma expects to close the offering on or about Jan. 18 subject to closing conditions.