On December 29, 2020 TRACON Pharmaceuticals (NASDAQ: TCON), a clinical stage biopharmaceutical company focused on the development and commercialization of novel targeted cancer therapeutics and utilizing a cost efficient, CRO-independent product development platform to partner with ex-U.S. companies to develop and commercialize innovative products in the U.S., reported that it has entered into a securities purchase agreement with an existing investor to sell an aggregate of 520,961 shares of common stock in a registered direct offering at a price of $9.61 per share, which was the closing price of the Company’s common stock on December 28, 2020 (Press release, Tracon Pharmaceuticals, DEC 29, 2020, View Source [SID1234573313]). The aggregate gross proceeds to TRACON from the offering are expected to be $5.0 million. The closing of the offering is expected to occur on or about December 30, 2020.
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TRACON intends to use the net proceeds from the offering to fund the ENVASARC pivotal study of envafolimab in sarcoma, further business development efforts, and for working capital and general corporate purposes.
The offering is being made pursuant to an effective shelf registration statement on Form S-3 (File No. 333-229990) previously filed with the U.S. Securities and Exchange Commission (the "SEC"). A prospectus supplement describing the terms of the proposed offering will be filed with the SEC and will be available on the SEC’s website located at View Source Before investing in the offering, interested parties should read in their entirety the prospectus supplement and the accompanying prospectus and the other documents that the Company has filed with the SEC that are incorporated by reference in such prospectus supplement and the accompanying prospectus, which provide more information about the Company and the offering.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.