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Diffusion Pharmaceuticals to raise $6.3M via common stock offering


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Diffusion Pharmaceuticals to raise $6.3M via common stock offering

Diffusion Pharmaceuticals Inc. entered into a definitive deal with certain institutional investors for a registered direct offering of its common stock.

The Charlottesville, Va.-based company agreed to sell 1,317,060 shares at $4.77 apiece to raise about $6.3 million.

Diffusion also agreed to issue 1,317,060 unregistered warrants to the institutional investors in a concurrent private placement to buy an additional share for each share purchased at $5 apiece over five and a half years, for a total of $165,000.

The company plans to use the net proceeds to fund research and development of its lead product candidate, transcrocetinate sodium, to treat various cancers. Proceeds will also go toward clinical trial activities and for general corporate purposes.

The offering is expected to close by May 28.

HC Wainwright & Co. is acting as an exclusive placement agent in connection with the registered direct offering and concurrent private placement.