Biopharmaceutical company Navidea Biopharmaceuticals Inc (NYSE American:NAVB) said on Thursday that it has priced its underwritten public offering of 8,000,000 shares of common stock at a price to the public of USD0.75 per share.
The company has provided the underwriter with a 30-day option to purchase up to an additional 1,200,000 shares of common stock at the public offering price, less underwriting discounts and commissions.
Prior to deducting underwriting discounts and commissions and other estimated offering expenses, the company expects gross proceeds from the offering of USD6.0m, or USD6.9m if the underwriter exercises its option in full.
Net proceeds from the offering may be used by the company to fund its research and development programmes, to advance its Phase 2b and Phase 3 clinical trials of Tc99m tilmanocept in patients with rheumatoid arthritis, for general working capital purposes and for other operating expenses.
HC Wainwright & Co is acting as sole underwriter for the offering. The offering is expected to close on or about 18 June 2019, subject to customary closing conditions.
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