BioPharmX Closes Underwritten Public Offering of
Post# of 223
Posted On: 07/01/2015 10:18:26 AM
BioPharmX Closes Underwritten Public Offering of Common Stock
MENLO PARK, Calif., July 1, 2015 /PRNewswire/ -- BioPharmX Corporation (NYSE MKT: BPMX) today announced the closing of its previously announced underwritten public offering of 3,636,364 shares of its common stock at a price to the public of $2.75 per share. BioPharmX has granted the underwriters a 30-day option to purchase up to 545,454 additional shares of common stock at the public offering price.
In addition, Korea Investment Partners Overseas Expansion Platform Fund, an existing stockholder, has agreed to purchase 1,081,081 shares of common stock from BioPharmX in a private placement in connection with the successful uplisting of the company's common stock to the NYSE MKT. This private placement is anticipated to close within 15 business days of the uplisting of the company's common stock to the NYSE MKT on June 25, 2015.
BioPharmX expects to use the net proceeds it receives from the offering and private placement for research and development associated with the development of the company's product candidates, and research and development pipeline, marketing and advertising for the company's Violet™ iodine product, working capital, capital expenditures, and other general corporate purposes, including strategic hires.
CRT Capital Group LLC acted as the sole book-running manager of the offering. Feltl and Company, Inc. and Newbridge Securities Corporation acted as co-managers for the offering.
MENLO PARK, Calif., July 1, 2015 /PRNewswire/ -- BioPharmX Corporation (NYSE MKT: BPMX) today announced the closing of its previously announced underwritten public offering of 3,636,364 shares of its common stock at a price to the public of $2.75 per share. BioPharmX has granted the underwriters a 30-day option to purchase up to 545,454 additional shares of common stock at the public offering price.
In addition, Korea Investment Partners Overseas Expansion Platform Fund, an existing stockholder, has agreed to purchase 1,081,081 shares of common stock from BioPharmX in a private placement in connection with the successful uplisting of the company's common stock to the NYSE MKT. This private placement is anticipated to close within 15 business days of the uplisting of the company's common stock to the NYSE MKT on June 25, 2015.
BioPharmX expects to use the net proceeds it receives from the offering and private placement for research and development associated with the development of the company's product candidates, and research and development pipeline, marketing and advertising for the company's Violet™ iodine product, working capital, capital expenditures, and other general corporate purposes, including strategic hires.
CRT Capital Group LLC acted as the sole book-running manager of the offering. Feltl and Company, Inc. and Newbridge Securities Corporation acted as co-managers for the offering.
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