Business
Lipocine Announces $6 Million Registered Direct Offering Priced At-The-Market
SALT LAKE CITY, Feb. 25, 2020 /PRNewswire/ -- Lipocine Inc. (NASDAQ:LPCN), a clinical-stage biopharmaceutical company focused on metabolic and endocrine
About this update from Lipocine Inc.
[{"type":"text","content":"SALT LAKE CITY, Feb. 25, 2020 /PRNewswire/ -- Lipocine Inc. (NASDAQ:LPCN), a clinical-stage biopharmaceutical company focused on metabolic and endocrine disorders, today announced that it has entered into securities purchase agreements with certain institutional investors providing for the purchase and sale of 10,084,034 Class A Units at an offering price of $0.595 per unit, with each Class A Unit consisting of one share of its common stock and one-half of a common warrant to purchase one share of common stock at an exercise price of $0.53 per share of common stock, in a registered direct offering priced at-the-market. Gross proceeds to the Company are expected to be approximately $6 million, before deducting placement agent fees and other estimated offering expenses. The closing of the sale of the securities is expected to take place on or about February 27, 2020, subject to the satisfaction of customary closing conditions. The Company intends to use the net proceeds from this offering for working capital and general corporate purposes.\n\n \n \n\n \nRoth Capital Partners is acting as sole agent for the offering.\nThe offering is being made pursuant to a shelf registration statement on Form S-3 (File No. 333-220942) (including a prospectus) previously filed with and declared effective by the U.S. Securities and Exchange Commission (the \"SEC\"). A prospectus supplement describing the terms of the offering will be filed with the SEC.\nA copy of the prospectus supplement and the accompanying prospectus relating to these securities may be obtained, when available, by contacting Roth Capital Partners, 888 San Clemente Drive, Suite 400, Newport Beach, CA 92660, (800) 678-9147. Electronic copies of the prospectus supplement and the accompanying prospectus will also be available free of charge on the website of the SEC at www.sec.gov. \nThis press release does not constitute an offer to sell or the solicitation of an offer to buy securities, nor will there be any sale of the 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.\nAbout Lipocine\nLipocine Inc. is a clinical-stage biopharmaceutical company focused on metabolic and endocrine disorders using its proprietary drug delivery technologies. Lipocine...