Acer Therapeutics Inc. closed its underwritten public offering of 916,667 common shares at a price of $12 per share for gross proceeds of $11 million.
The company has granted the 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
William Blair & Co. LLC acted as sole book-running manager of the offering. H.C. Wainwright & Co. acted as lead manager of the offering.