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Acerus Pharmaceuticals prices, upsizes securities offering

Acerus Pharmaceuticals Corp. priced and upsized its previously announced securities offering, now hoping to raise close to C$6 million in gross proceeds.

The Canadian specialty pharmaceutical company is looking to issue C$5.8 million worth of the company's units, each priced at 30 Canadian cents apiece. Acerus had previously said it was looking to raise C$5 million.

Each unit will be made up of a common share, plus a warrant that can be exchanged for an additional stock of the company for 40 cents.

The offering is expected to close in the week of June 25 with Mackie Research Capital Corp. acting as underwriter. Mackie has an option to buy additional units from the company.

Acerus will use the funds to buy out its obligations under a 2013 licensing deal with Mattern Pharma AG and to repay certain amounts owed to Endo International PLC.