Ohr Pharmaceutical Inc. priced its previously announced registered public offering of 20,250,032 shares at 70 cents apiece to raise $14.2 million.
The shares will come bundled with warrants to purchase an additional 14,175,059 shares of the company at $1 apiece within five years from the date of issue.
The offering is expected to close by April 10, with Rodman & Renshaw and Chardan acting as the co-lead placement agents. Neither placement agent is obligated to purchase any securities under the offering.
Ohr Pharmaceutical plans to use the net proceeds for working capital and general corporate purposes, including the completion and data readout of its ongoing clinical study.