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Acer Therapeutics closes $11M common stock offering

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Acer Therapeutics closes $11M common stock offering

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.