Trovagene Inc. priced its public offering of common stock and warrants to raise $18 million in gross proceeds.
Trovagene will issue 18 million common shares and warrants to buy up to 18 million shares.
The San Diego-based oncology therapeutics company is selling 1 common share bundled with 1 common stock purchase warrant at $1 per share. The warrants will be exercisable at $1.10 per share. The shares and warrants can be bought together but will be issued separately.
The company granted the underwriters an option to buy 2.7 million additional shares and common stock purchase warrants to buy up to 2.7 million shares.
Trovagene intends to use the net proceeds of about $16.2 million to fund its research and development activities and for working capital and general corporate purposes.
The offering is expected to close June 12, subject to customary closing conditions.
ThinkEquity, a division of Fordham Financial Management Inc., is acting as sole book-running manager for the offering.
