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Plus Therapeutics, Inc. Announces Pricing Of $15 Million Underwritten Public Offering
AUSTIN, Texas, Sept. 23, 2019 (GLOBE NEWSWIRE) -- Plus Therapeutics, Inc. (Nasdaq: PSTV) (the “Company”) today announced the pricing of an underwritten public
About this update from Plus Therapeutics, Inc.
[{"type":"text","content":"AUSTIN, Texas, Sept. 23, 2019 (GLOBE NEWSWIRE) -- Plus Therapeutics, Inc. (Nasdaq: PSTV) (the “Company”) today announced the pricing of an underwritten public offering (the “Offering”) of 3,000,000 units, each unit consisting of one share of common stock (or a common stock equivalent) and one Series U Warrant to purchase one share of common stock at a public offering price of $5.00 per unit. The shares of common stock (or common stock equivalents) and warrants comprising the units are immediately separable and will be issued separately, but will be purchased together. The Series U Warrants have an exercise price of $5.00 per share, are immediately exercisable and will expire five years from the date of issuance. The Company has granted the underwriter a 45-day option to purchase up to an additional 450,000 shares of common stock and/or Series U Warrants to purchase up to 450,000 shares of common stock.\n H.C. Wainwright & Co. is acting as the sole book-running manager for the Offering. The gross proceeds of the Offering are expected to be approximately $15 million, prior to deducting underwriting discounts and commissions and estimated offering expenses and excluding the exercise of any Series U Warrants and the underwriter’s option to purchase additional securities. In addition, in the event the underwriter exercises its option to purchase additional securities in full and the Series U Warrants are exercised in full, the Company expects to receive approximately $19.5 million in additional gross proceeds. However, there can be no assurance that the underwriter will exercise their option to purchase additional securities or that all or a portion of the Series U Warrants will be exercised prior to their expiration. This Offering is expected to close on or about September 25, 2019, subject to customary closing conditions. The Company intends to use the net proceeds from this Offering for working capital, payment of interest on its debt and general corporate purposes, which may include research and development of its oncology product pipeline, preclinical and clinical trials and studies, regulatory submissions, expansion of its sales and marketing organizations and efforts, intellectual property protection and enforcement and capital expenditures. A registration statement on Form S-1 (File No. 333-229485) relating to these securitie...