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Asterias Biotherapeutics to raise $10.4M

Asterias Biotherapeutics Inc. is looking to raise $10.4 million via the sale of 4 million shares priced at $2.60 apiece.

The company intends to sell the series A common stock in a registered direct offering with certain institutional investors. The offering is expected to close by Oct. 18.

Asterias intends to use the net proceeds for clinical trial and process development activities related to its AST-OPC1 program, research and development, capital expenditures, working capital, and other general corporate purposes.

Chardan is acting as the sole placement agent in connection with the offering.