Stellar Biotechnologies Inc. closed its public offering of 2,075,472 units, raising about $5.5 million in gross proceeds.
Each unit comprised of 1 common share and 1 warrant to buy 1 common share.
The offering was priced at $2.65 per common share, with each common share sold with one five-year warrant to buy 1 common share, at an exercise price of $2.65.
Stellar plans to use the net proceeds for general corporate purposes, which may include research and development activities, capital expenditures and working capital.
H.C. Wainwright & Co. acted as the exclusive placement agent for the offering.
Port Hueneme, Calif.-based Stellar Biotechnologies is a biotechnology company, which engages in the aquaculture, research and development, manufacture, and commercialization of keyhole limpet hemocyanin protein primarily in Europe, the U.S., and Asia.
