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Edesa Biotech Announces Closing of $10.0 Million Registered Direct Offering
TORONTO, ON / ACCESSWIRE / March 24, 2022 / Edesa Biotech, Inc. (NASDAQ:EDSA), a clinical-stage biopharmaceutical company focused on inflammatory and
About this update from Edesa Biotech, Inc.
[{"type":"text","content":"TORONTO, ON / ACCESSWIRE / March 24, 2022 / Edesa Biotech, Inc. (NASDAQ:EDSA), a clinical-stage biopharmaceutical company focused on inflammatory and immune-related diseases, today announced the closing of its previously announced registered direct offering priced at-the-market under Nasdaq rules with a single healthcare-focused institutional investor of 2,739,727 of the Company's common shares (or common share equivalents) at a purchase price of $3.65 per common share (or common share equivalent).In addition, in a concurrent private placement, the Company issued to the investor warrants to purchase up to 2,739,727 common shares. The warrants have an exercise price of $3.52 per common share, were immediately exercisable and have a term of five and one-half years.H.C. Wainwright & Co. acted as the exclusive placement agent for the offering.The gross proceeds to the Company from this offering are approximately $10.0 million, before deducting the placement agent's fees and other offering expenses payable by the Company. The Company intends to use the net proceeds from this offering for working capital and general corporate purposes.The common shares (or common share equivalents) described above (but not the warrants issued in the concurrent private placement or the common shares underlying such warrants) were offered by the Company pursuant to a \"shelf\" registration statement on Form S-3 (File No. 333-233567) previously filed with the Securities and Exchange Commission (the \"SEC\") and declared effective by the SEC on September 12, 2019. The offering of the common shares (or common share equivalent) was 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 registered direct offering were filed with the SEC. Electronic copies of the final prospectus supplement and accompanying prospectus may be obtained on the SEC's website at http://www.sec.gov or by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, NY 10022, by phone at (212) 865-5711 or e-mail at [email protected] warrants described above were offered in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the \"Act\"), and Regulation D promulgated thereunder and, a...