Acasti Pharma Inc. priced its offering of common stock and warrants to raise about $10 million in gross proceeds.
The company is offering 9,900,990 common shares with accompanying warrants to buy 8,910,891 shares at a combined price of $1.01 per share and warrant. The warrants will be exercisable at $1.26 per share.
Acasti plans to use the net proceeds, together with cash on hand, for further development of its drug CaPre for treating severe hypertriglyceridemia, a metabolic condition that contributes to increased risk of cardiovascular disease and pancreatitis.
In addition, the company intends to use the net proceeds for expanding business development activities, working capital, and other general corporate purposes.
The offering is expected to close Dec. 27, subject to customary closing conditions.
The Benchmark Co. LLC and Dawson James Securities Inc. are acting as book-running managers for the offering.
