Business
Aptorum Group Announces Closing of $10 Million Registered Direct Offering of Class A Ordinary Shares and Warrants
NEW YORK--(BUSINESS WIRE)-- Aptorum Group Limited (NASDAQ:APM) (“Aptorum Group”), a biopharmaceutical company focused on the development of novel
About this update from Aptorum Group Limited
[{"type":"text","content":" NEW YORK--(BUSINESS WIRE)--\nAptorum Group Limited (NASDAQ:APM) (“Aptorum Group”), a biopharmaceutical company focused on the development of novel therapeutics to address global unmet medical needs, today announced the closing of a registered direct offering of 1,351,350 Class A ordinary shares at a per share offering price of $7.40. The investors also received accompanying warrants to purchase 1,351,350 of its Class A ordinary shares at an exercise price of $7.40 per share. Participation in the offering includes approximately $6 million from unaffiliated institutional investors and $4 million from Jurchen Investment Corporation, the largest shareholder of Aptorum Group, which is wholly owned by Ian Huen, the Chief Executive Officer and Executive Director of Aptorum Group.\n\n\nA.G.P./Alliance Global Partners acted as the lead placement agent and Maxim Group acted as co-placement agent for the offering.\n\n\nAptorum Group received gross proceeds of $10 million from the offering, before deducting underwriting discounts and offering expenses. Aptorum Group intends to use the net proceeds from the offering primarily to fund the continued research and development of our leading therapeutic candidates (including SACT-1 and ALS-4) into their respective clinical phases and also to expand our discovery and development pipeline of the Smart-ACTTM orphan diseases platform, as well as for working capital, and for general corporate purposes. We may also use a portion of the net proceeds to acquire or invest in technologies, products and/or businesses that we believe will enhance the value of our Company, although Aptorum Group has no current plans, commitments or agreements with respect to any such transactions or acquisitions as of the date hereof. Aptorum Group is pleased to have such US based institutional support and as our anchor investors to support our continued growth and expansion of our programs.\n\n\nThe securities described above are being offered by Aptorum Group pursuant to a shelf registration statement on Form F-3 filed with the Securities and Exchange Commission (SEC) dated January 6, 2020 and declared effective on January 15, 2020. A prospectus supplement related to the offering will be, filed with the SEC and available on the SEC’s website at http://www.sec.gov. Copies of the prospectus supplements relating to the offeri...