AmpliPhi Biosciences Corp. closed a public offering of its common shares and warrants with gross proceeds of $6.8 million.
The San Diego-based company sold 17 million common shares, or pre-funded warrants, and warrants to buy 17.5 million common shares.
A pre-funded warrant's purchase price already comprises its exercise price, unlike a traditional warrant whose exercise price has to be paid while converting it into shares. This also included about 462,500 common shares and warrants to buy 962,500 common shares sold pursuant to the underwriter's partial exercise of its option to buy additional securities.
Each warrant can be immediately exercised for 40 cents per common share and will expire five years after issuance.
AmpliPhi, which develops therapies for antibiotic-resistant infections, expects to use the funds for general corporate purposes, including manufacturing expenses, research and development expenses and general and administrative expenses.
H.C. Wainwright & Co. acted as the book-running manager for the offering.