trending Market Intelligence /marketintelligence/en/news-insights/trending/mdudllq3ildarv5a-hwuna2 content esgSubNav
In This List

Aytu BioScience prices $12M offering

Blog

A Pharmaceutical Company Capitalizes on M&A Activity with Brokerage Research

Blog

2021 Year in Review: Highlighting Key Investment Banking Trends

Blog

Insight Weekly: US stock performance; banks' M&A risk; COVID-19 vaccine makers' earnings

Blog

Global M&A By the Numbers: Q3 2021


Aytu BioScience prices $12M offering

Englewood, Colo.-based Aytu BioScience Inc. priced an underwritten public offering of units for gross proceeds of $12 million.

The company, which develops treatments in the field of urology, is offering class A units at 45 cents apiece. The units consist of 19,520,000 common shares and warrants to buy 19,520,000 common shares.

Aytu is also offering class B units at $1,000 per unit. The class B units consist of 3,216 shares of the company's series B convertible preferred stock, which are convertible into an aggregate of 7,146,667 common shares, and warrants to buy 7,146,667 common shares. The five-year warrants are immediately exercisable at 54 cents per share.

Aytu also granted underwriters a 45-day option to buy additional common shares amounting to 15% of the common stock issued as part of the class A units, which are issuable upon the conversion of the series B preferred stock included in the class B units.

The option also includes a choice to buy additional warrants of up to 15% of the warrants sold in the offering.

The offering is expected to close March 6. Aytu plans to use the net proceeds for the commercialization of Natesto, its therapy for men with low or no testosterone, and for working capital and general corporate purposes.

Joseph Gunnar & Co. LLC is acting as sole book-running manager for the offering, while Fordham Financial Management Inc. is acting as lead manager.