Plus Therapeutics Inc. priced a public offering of 3 million units at $5 per unit, for gross proceeds of $15 million.
Each unit consists of one common share and one series U warrant exercisable for up to 5 years. Each warrant has an exercise price of $5 and can be used to purchase one common share.
The underwriter has a 45-day option to purchase up to an additional 450,000 common shares or Series U warrants.
The Austin, Texas-based pharmaceutical company plans to use net proceeds from the offering for research and development of its cancer drugs including preclinical and clinical trials as well as regulatory submissions. Proceeds will also be used for working capital, payment of interest on debt and general corporate purposes, including expansion of sales and marketing organizations.
The company recently changed its name from Cytori Therapeutics Inc.
H.C. Wainwright & Co. is the sole book-running manager for the offering.
