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Sun BioPharma raises $3.2M in offering of shares, warrants

Sun BioPharma Inc. raised gross proceeds of about $3.2 million from the sale of common shares and warrants to purchase common shares.

The Waconia, Minn.-based biotechnology company sold 902,067 common shares and warrants to purchase up to 902,067 common shares to certain investors. Each warrant can be exercised within five years of the issue date for $4 per share.

Sun BioPharma develops therapies for diseases of the pancreas, including pancreatitis and pancreatic cancer.