AIM ImmunoTech Inc. has priced its $8 million offering of securities to fund ongoing clinical studies.
The Ocala, Fla.-based company priced 1,740,550 common shares with warrants to purchase the same amount of shares, plus 7,148,310 prefunded warrants at 90 cents apiece. Each common share will be accompanied by a common warrant and each prefunded warrant will be immediately exercisable to receive a common share and a common warrant.
AIM is giving the underwriter a 45-day option to purchase up to an additional 1,333,329 common shares or warrants.
Common warrants will be exercisable for up to five years for a common share at 99 cents each.
The company plans to use the net proceeds from the offering to cover the manufacturing expenses of its drug Ampligen, to fund ongoing clinical trials and for general administrative and operational expenses.
Alliance Global Partners is the book-running manager for the offering, which is expected to close on or by Sept. 27.
Cancer drug developer AIM ImmunoTech changed its name from Hemispherx Biopharma Inc. effective Sept. 3.
