Axsome Therapeutics Inc. closed its registered direct offering to certain institutional investors, raising gross proceeds of about $9.5 million.
The company sold 1,783,587 common shares and warrants to purchase up to an additional 1,783,587 shares priced at $5.325 per share and related warrants under the offering.
The warrants, which have a term of 53 weeks, are exercisable at $5.25 per share and are immediately exercisable upon issuance.
Axsome plans to use the net proceeds for the clinical development of AXS-07, other clinical programs and working capital and general corporate purposes.
H.C. Wainwright & Co. acted as the exclusive placement agent for the offering.
