Apricus Biosciences, Inc. (APRI) said Thursday that it has priced an underwritten public offering of an aggregate of 6 million shares of common stock at a price to the public of $2.85 per share, and warrants to purchase up to an aggregate of 3 million shares of common stock for gross offering proceeds of $17.1 million.
In addition, Apricus Bio has granted the underwriters a 30-day option to purchase up to an additional 900,000 shares of common stock and warrants to purchase up to an additional 450,000 shares of common stock to cover over-allotments, if any. The net offering proceeds to Apricus Bio from this offering are expected to be about $15.8 million, after deducting underwriting discounts and commissions and other estimated offering expenses, but excluding the exercise of any warrants and any exercise of the underwriters' over-allotment option.
The offering is expected to close on or about May 29.
Apricus Bio plans to use the net proceeds of the offering for general corporate purposes, including working capital, capital expenditures, research and development expenditures, clinical trial expenditures and additional approval efforts related to Vitaros and Femprox.
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