Eupraxia Pharmaceuticals Prices $55 Million Public Offering

MT Newswires Live
Feb 20

Eupraxia Pharmaceuticals (EPRX) said Thursday it priced a public offering of about 6.4 million shares at $7 per share and pre-funded warrants to purchase roughly 1.4 million shares at $6.99999 per warrant, for gross proceeds of approximately $55 million.

Each pre-funded warrant entitles the holder to purchase one common share at an exercise price of CA$0.00001 ($0.0000073) per share and will not expire until exercised in full. The company granted underwriters a 30-day option to purchase up to 1,178,571 additional common shares on the same terms.

The offering is expected to close on Feb. 20.

Eupraxia said it plans to use the net proceeds primarily to advance EP-104GI for Eosinophilic Esophagitis. A portion will also support additional gastrointestinal indications, research and development, business development and general corporate purposes.

Shares of the company were down more than 4% in recent trading.

Price: 7.81, Change: -0.35, Percent Change: -4.29

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