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Aeterna Zentaris to raise $5M in common stock, warrants offering

Aeterna Zentaris Inc. is selling about $5 million of securities in a registered direct offering.

Institutional investors in the U.S. agreed to acquire 3,325,000 common shares of Aeterna, with the company issuing warrants to purchase up to the same amount of common shares in a concurrent private placement.

The combined purchase price for 1 common share and 1 warrant will be $1.50. The warrants will be exercisable for a five-year period starting six months from the date of issuance, at an exercise price of $1.65 per share.

The Summerville, S.C.-based specialty biopharmaceutical company expects to close the offering by Sept. 24, subject to closing conditions.

Maxim Group LLC serves as the sole placement agent for the offering.