Aptose Biosciences Inc. (APTO), a clinical-stage precision oncology company, announced on Friday that it has priced an $8 million public offering of up to 40 million shares of common stock and warrants to purchase up to 20 million additional shares.
The offering, which is being conducted on a "reasonable best efforts" basis, has attracted participation from the CEO and both new and existing healthcare-focused investors.
The combined offering price is set at $0.20 per share, along with the accompanying warrant, which has an exercise price of $0.25 per share and will be exercisable immediately upon issuance. The closing is expected to occur on or around November 25, 2024.
The company intends to use the net proceeds from the offering for working capital and general corporate purposes. A.G.P./Alliance Global Partners is acting as the sole placement agent for the offering.
Aptose's lead clinical-stage product candidate, tuspetinib (TUS), is a small molecule kinase inhibitor with demonstrated activity in patients with relapsed or refractory acute myeloid leukemia (AML) and is being developed as a frontline therapy for newly diagnosed AML.
APTO closed Thursday's trading at $0.24, down 10.6%. In premarket trading today, the stock is down another 42% at $0.14.
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