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Processa Pharmaceuticals raises $6.9M

Processa Pharmaceuticals Inc. said it had raised $6.9 million via three separate investments in the company.

The Hanover, Md.-based company raised $2.5 million on May 18 through the first-tranche of an ongoing private placement. Investors purchased 1,101,643 shares of the company at $2.27 each.

The company raised another $1.8 million on May 25 via the sale of 792,952 shares in a private placement priced at $2.27 apiece.

Investors also received warrants that can be exchanged for additional stocks of the company at $2.724 apiece.

Processa also converted all $2.6 million of its mandatory convertible 8% senior notes into 1,323,704 shares at a price of $2.043 per share.

The noteholders also received warrants that can be exchanged for common shares of the company at $2.452 each.

The pharmaceuticals company intends to use all the proceeds to fund the research and development of its lead product candidate, PCS-499, and for general corporate purposes.