Ampio Pharmaceuticals Inc. agreed to sell to investors about $6.3 million of common stock and accompanying share purchase warrants at 60 cents apiece in a registered direct offering.
The warrants are exercisable for 76 cents per share, six months after issuance and have a term of five years from the issuance date.
Closing of the offering is expected to occur June 7, subject to customary closing conditions.
Ampio plans to use the net proceeds for working capital and general corporate purposes, including financing of its Ampion clinical trial.
Joseph Gunnar & Co. LLC and Fordham Financial Management Inc. are acting as placement agents for the offering.