On May 22, 2020 Seneca Biopharma, Inc. (Nasdaq:SNCA), a clinical-stage biopharmaceutical company developing novel treatments for various diseases of high unmet medical need, reported that it has entered into definitive agreements with several institutional and accredited investors for the purchase and sale of 5,000,000 shares of the Company’s common stock, at a purchase price of $1.00 per share, in a registered direct offering priced at-the-market under Nasdaq rules (Press release, Seneca Biopharma, MAY 22, 2020, View Source [SID1234558422]). The closing of the offering is expected to occur on or about May 27, 2020, subject to the satisfaction of customary closing conditions.
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The gross proceeds to the company are expected to be approximately $5 million, prior to deducting placement agent fees and estimated offering expenses. Seneca intends to use the net proceeds from the offering for general working capital.
H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.
The shares of common stock are registered pursuant to a registration statement on Form S-3 (File No. 333-218608) which became effective by the Securities and Exchange Commission (SEC) on June 23, 2017. The offering will be made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A final prospectus supplement and accompanying prospectus relating to the securities being offered will be filed with the SEC. Electronic copies of the final prospectus supplement and accompanying prospectus may be obtained, when available, on the SEC’s website at View Source or by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by phone at (646) 975-6996 or e-mail at [email protected].
This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.