Edesa Biotech Inc. (EDSA), a clinical-stage biopharmaceutical company, on Thursday reported entering a Private Investment in Public Equity (PIPE) placement with healthcare-focused investors and the company's Chief Executive Officer (CEO).
Shares increased by over 8% on Thursday.
The company plans to issue 729,241 shares in the PIPE, priced at $4.69 per share for general investors, and $5.21 per share for the CEO.
Gross proceeds are estimated at $3.5 million. The company plans to utilize proceeds in developing its vitiligo program, and for the advancement of Paridiprubart, a potential treatment for advanced respiratory stress syndrome.
The PIPE placement is expected to close on June 15, 2026.
EDSA closed Thursday at $5.65, up 8.45%. In the pre-market, shares are trading at $5.70, up 0.88%.
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