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Aytu BioScience closes $15.2M offering of securities

Aytu BioScience Inc. closed an underwritten public offering of a combination of its securities at $1.50 apiece with total gross proceeds of $15.2 million.

The offering comprised of 457,007 common shares, along with 8,342,993 series C convertible preferred shares and warrants to buy 8.8 million common shares.

Each preferred share can be converted into one common share at $1.50 apiece and each warrant can be exercised to buy one common share at $1.50 per share and will expire five years after issuance.

Underwriters exercised their overallotment option in full and bought an additional 1,320,000 common shares and warrants to purchase common shares.

Aytu BioScience plans to use the proceeds from the offering for general corporate purposes, which includes supporting commercial activities primarily related to testosterone therapy Natesto and insomnia therapy ZolpiMist.

The Englewood, Colo.-based company also plans to use the proceeds to fund clinical studies involving its semen analysis test, MiOXSYS System.

Ladenburg Thalmann & Co. Inc. served as sole book-running manager and Northland Capital Markets acted as co-manager for the offering.