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Apricus Biosciences prices $3.6M common stock offering

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Apricus Biosciences prices $3.6M common stock offering

Apricus Biosciences, Inc. priced its public offering of 7.1 million common shares at 50 cents apiece.

Investors will also receive warrants to buy up to 3.55 million common shares at an exercise price of 50 cents per share. The warrants have a five-year term and are exercisable upon Apricus' receipt of shareholder approval to increase its number of authorized shares to 60 million shares from 30 million shares.

Gross proceeds of the offering are expected to be about $3.6 million. Apricus intends to use the expected net proceeds of about $2.9 million for working capital and general corporate purposes.

The offering is expected to close April 2, subject to customary closing conditions.

H.C. Wainwright & Co. is acting as exclusive placement agent for the offering.