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Algernon Pharmaceuticals prices public offering to fund clinical trials

Algernon Pharmaceuticals Inc. priced a public offering of units, with expected gross proceeds of between C$2.5 million and C$5 million.

The Vancouver, British Columbia-based pharmaceutical company said it will offer a minimum of 22,727,272 units and a maximum of 45,454,545 units at 11 Canadian cents apiece. Each unit consists of 1 common share and a warrant to purchase 1 common share with an exercise price of 13 Canadian cents per warrant.

Algernon has given the agent a 30-day option to purchase up to an additional 15% of units sold in the offering.

Proceeds will be used to fund up to three phase 2 trials, to evaluate therapies for treating non-alcoholic steatohepatitis, chronic kidney disease, inflammatory bowel disease, or idiopathic pulmonary fibrosis. The rest of the proceeds will be used for working capital and general corporate purposes.

Mackie Research Capital Corp. is acting as sole agent and sole book runner for the offering.