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Posted On: 03/02/2021 3:13:13 PM
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NetworkNewsBreaks – Processa Pharmaceuticals Inc. (NASDAQ: PCSA) Closes $10.2M Private Placement
Processa Pharmaceuticals (NASDAQ: PCSA), a clinical-stage biopharmaceutical company developing products to improve the survival and/or quality of life for patients who have unmet medical needs, has closed its previously announced private placement to institutional and accredited investors. According to the update, the company sold 1,321,132 shares of its common stock at a purchase price of $7.75 per share for $10.2 million in the private placement. Processa Pharmaceuticals secured net proceeds of $9.9 million, which will enable the company to be funded through 2023 and either expand the clinical development of PCS6422 or conduct enabling toxicology studies to advance PCS11T. “We are grateful for the support from our investors. This financing will not only strengthen our balance sheet but will allow us to further develop one of our cancer treatment drugs, PCS6422 or PCS11T,” said David Young, Pharm.D., Ph.D., chairman and CEO of Processa Pharmaceuticals. “We anticipate that these two drugs will prove to be better than many of the present treatments in patients with colorectal cancer, breast cancer, pancreatic cancer or lung cancer.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
Processa Pharmaceuticals (NASDAQ: PCSA), a clinical-stage biopharmaceutical company developing products to improve the survival and/or quality of life for patients who have unmet medical needs, has closed its previously announced private placement to institutional and accredited investors. According to the update, the company sold 1,321,132 shares of its common stock at a purchase price of $7.75 per share for $10.2 million in the private placement. Processa Pharmaceuticals secured net proceeds of $9.9 million, which will enable the company to be funded through 2023 and either expand the clinical development of PCS6422 or conduct enabling toxicology studies to advance PCS11T. “We are grateful for the support from our investors. This financing will not only strengthen our balance sheet but will allow us to further develop one of our cancer treatment drugs, PCS6422 or PCS11T,” said David Young, Pharm.D., Ph.D., chairman and CEO of Processa Pharmaceuticals. “We anticipate that these two drugs will prove to be better than many of the present treatments in patients with colorectal cancer, breast cancer, pancreatic cancer or lung cancer.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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