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Crescita Therapeutics Inc. Announces Rights Offering to Raise Up To $3.7 Million
Crescita Therapeutics Inc. Announces Rights Offering to Raise Up To $3.7 Million C...
About this update from Crescita Therapeutics, Inc.
[{"type":"text","content":"\n\n\n\nCrescita Therapeutics Inc. Announces Rights Offering to Raise Up To $3.7 Million\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nMISSISSAUGA, ON, Jan. 31, 2018\n\n\n\nCommitments for $2,060,000 Obtained from Knight Therapeutics, Funds Advised by Bloom Burton & Co., Management and Board Members\n\nCrescita Announces Growth Initiatives for 2018\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n\n\n\nMISSISSAUGA, ON, Jan. 31, 2018 /CNW/ - Crescita Therapeutics Inc. (TSX: CTX) (\"Crescita\") today announced that it is conducting a rights offering.  Crescita also today issued a letter to shareholders (set out below) providing a summary of developments in 2017 and detailing planned growth initiatives for 2018.\n\n\n \n \n\n \nRights Offering \n\nUnder the rights offering, eligible shareholders of record as of the close of business on February 7, 2018 (the \"Record Date\") will receive one right for each common share held, with two rights entitling the holder thereof to acquire one common share of Crescita at a subscription price of $0.53.  If all of the rights are exercised, Crescita expects to raise gross proceeds of $3.7 million.  Certain significant shareholders (including Knight Therapeutics Inc. and funds advised by Bloom Burton & Co.), directors and management of Crescita have committed to invest $2,060,000 under the offering.\n\nThe rights offering is being undertaken to raise additional working capital and to provide additional sources of financing for potential business development initiatives.  As previously disclosed, Crescita is seeking to in-license or acquire commercial or late-stage topical OTC or prescription assets for skin conditions in either the aesthetic or medical dermatological market.  While the rights offering is not being conducted to raise financing for any specific transaction, Crescita believes that it is in the best interests of Crescita and its shareholders for Crescita to have sources of capital ...