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Processa Pharmaceuticals, Inc. Announces Closing of $6.25 Million Registered Direct Offering, Which Included Retail Investors and Insiders, Priced at the Market Under Nasdaq Rules
HANOVER, MD., Feb. 15, 2023 (GLOBE NEWSWIRE) -- Processa Pharmaceuticals, Inc. (Nasdaq: PCSA) ("Processa" or the "Company"), a diversified clinical-stage
About this update from Processa Pharmaceuticals, Inc.
[{"type":"text","content":"HANOVER, MD., Feb. 15, 2023 (GLOBE NEWSWIRE) -- Processa Pharmaceuticals, Inc. (Nasdaq: PCSA) (\"Processa\" or the \"Company\"), a diversified clinical-stage company developing next generation chemotherapy drugs for patients who have unmet medical conditions and/or require better treatment options to improve a patient’s survival and/or quality of life, today announced that it has closed its $6.25 million registered direct offering entered into definitive agreements with retail investors and insiders for the purchase and sale of 7,812,544 common shares at a purchase price of $0.80 per share. Spartan Capital Securities, LLC acted as the sole placement agent for this transaction. The gross proceeds to the Company from the registered direct offering was $6.25 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 future clinical trials, research, and development expenses, and for working capital and other general corporate purposes. The shares of common stock are being offered by the Company pursuant to a “shelf” registration statement on Form S-3 previously filed with the Securities and Exchange Commission, or the SEC, and declared effective by the SEC. The offering of the shares of common stock will be 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 shares of common stock being offered will be filed with the SEC. Copies of the final prospectus supplement and accompanying base prospectus may be obtained, when available, for free by visiting EDGAR on the SEC’s website at www.sec.gov. Alternatively, you may contact Wendy Guy for a copy of these documents or contact our principal executive offices at 7380 Coca Cola Drive, Suite 106, Hanover, Maryland, 21076, c/o Wendy Guy, Corporate Secretary, (443) 776-3133. This press release shall not constitute an offer to sell or the solicitation of any offer to buy the securities discussed herein, nor shall there be any offer, solicitation, or sale of the securities in any state in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state. About Pro...