Biopharmaceutical company, Seelos Therapeutics, Inc. (SEEL), Friday announced that it has entered into agreements with institutional investors for the registered direct offering of about 3.4 million shares to raise $4 million and a concurrent private placement priced at-the-market under Nasdaq rules.
Following the announcement, shares of Seelos Therapeutics are sliding 6 percent, to $0.98 on the Nasdaq.
Under the private placement, the company will offer warrants exercisable for up to 3.4 million shares at $1.05 per share, which will expire 5 years from the date of initial exercise.
The company said that it intends to use the proceeds from the offering for product development, pay-off debts and outstanding convertible promissory notes, and for other corporate-related purposes.
The offering is expected to close on or about January 30.
Alliance Group Partners is acting as the sole placement agent for the offering.
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