Acer Therapeutics Inc. said it raised additional gross proceeds of about $1.6 million after the underwriters of its common stock offering partially exercised their overallotment option.
Following the underwriters' purchase of an additional 130,000 shares at $12 apiece, the total number of shares sold increased to 1,046,667 shares and the total gross proceeds increased to $12.6 million.
The company plans to use the net proceeds to fund its research and development efforts, to seek regulatory approval for its product Edsivo, to invest in precommercial activities for Edsivo, and for general corporate purposes, including working capital and other general and administrative purposes.
William Blair & Co. LLC acted as sole book-running manager of the offering. H.C. Wainwright & Co. acted as lead manager of the offering.