BioPharmX Corp. plans to sell 43,645,000 of its common shares at 9 cents apiece to certain institutional investors in a registered direct offering.
The specialty pharmaceutical company said in its March 21 news release that the gross proceeds from the offering are expected to be about $3.9 million.
The net proceeds from the offering will be used to advance the BioPharmX clinical programs, product development and general corporate purposes.
BioPharmX's clinical-stage product candidates include BPX01, which has completed phase 2 studies in treating inflammatory lesions of acne and BPX04, which is in pre-phase 2 feasibility study for the treatment of inflammatory lesions of rosacea, a common skin disease.
The company's clinical-stage assets also includes BPX02, which is being developed for aesthetic dermatology applications and BPX03, which has completed pre-phase 3 study in the treatment of periodic breast pain associated with fibrocystic breast condition, a benign noncancerous condition in which the breasts feel lumpy, and cyclic mastalgia, also known as cyclical breast pain, which is connected to the menstrual cycle and only affects pre-menopausal women.
The offering is expected to close on March 25.
Roth Capital Partners acted as sole placement agent for the offering.
Menlo Park, Calif.-based BioPharmX develops and commercializes novel prescription and over-the-counter products that address dermatology, or skin diseases, and women's health markets.