On February 17, 2021 Processa Pharmaceuticals, Inc. (NASDAQ: PCSA), ("Processa" or the "Company"), a clinical-stage biopharmaceutical company developing products to improve the survival and/or quality of life for patients who have unmet medical needs, reported that it has executed a securities purchase agreement to raise gross proceeds of $10.2 million resulting from the sale of 1,321,132 shares through a private investment in public equity (PIPE) financing at a price of $7.75 per share (Press release, Processa Pharmaceuticals, FEB 17, 2021, View Source [SID1234578942]). The financing attracted both institutional and accredited investors. The closing of the private placement is subject to the satisfaction of customary closing conditions, expected to occur on or about February 23, 2021.

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"We believe these additional resources position us to further advance our pipeline of drug candidates for those patients who need better treatment options in cancer and gastroparesis as well as patients who have no real FDA approved treatment for Necrobiosis Lipoidica (NL)," said Dr. David Young, CEO and chairman of Processa. "We look forward to seeing the results from our interim analyses in the phase 1B PCS6422 study and the Phase 2B PCS499 study in the 2H 2021."

Tribal Capital Markets, LLC acted as sole placement agent for the offering. Allele Capital Partners, LLC through Tribal Capital Markets, LLC was responsible for sourcing and executing the offering.

The securities are being sold in a private placement and have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. The Company has agreed to file a resale registration statement with the U.S. Securities and Exchange Commission, for purposes of registering the resale of the ordinary shares issued or issuable in connection with the offering.