Acer Therapeutics Inc. priced an underwritten public offering of 916,667 common shares at $12 apiece for gross proceeds of about $11 million.
The company granted underwriters an option to buy up to an additional 137,500 shares.
Net proceeds will be used to fund research and development efforts, to seek regulatory approval for company's product Edsivo, to invest in precommercial activities for Edsivo and for general corporate purposes, including working capital and other general and administrative purposes.
The offering is expected to close by Dec. 14.
William Blair & Co. LLC is acting as sole book-running manager of the offering. H.C. Wainwright & Co. is acting as lead manager of the offering.
