BioPharmX Corporation Announces Closing Of $4.3 Mi
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Posted On: 04/01/2016 11:56:14 AM
BioPharmX Corporation Announces Closing Of $4.3 Million Public Offering
MENLO PARK, Calif., April 1, 2016 /PRNewswire/ -- BioPharmX Corporation (NYSE MKT: BPMX), a specialty pharmaceutical company focusing on dermatology and women's health, today announced the closing of its previously announced underwritten public offering of 3,600,000 shares of common stock and warrants to purchase 1,800,000 shares of common stock, with a public offering price of $1.20 per share and related warrant. The warrants have an exercise price of $1.20 per share, are exercisable immediately and expire on April 1, 2021. The transaction included participation from existing investors, including investment vehicles of Franklin Advisers.
The company has granted the underwriters a 45-day option to purchase up to an additional 324,000 shares of common stock and/or warrants to purchase up to an additional 162,000 shares of common stock to cover additional over-allotments, if any. The company also announced today that the underwriters partially exercised the over-allotment option to purchase additional warrants to purchase 152,000 shares of common stock.
The gross proceeds from the offering, including the underwriters' partial exercise of the over-allotment option, were approximately $4.3 million, before deducting underwriting discounts and commissions and other estimated offering expenses.
BioPharmX intends to use the net proceeds of the offering for general corporate purposes, which may include funding research and development, increasing working capital and acquisitions or investments in businesses, products or technologies that are complementary to its own.
Maxim Group LLC acted as lead book-running manager and CRT Capital Group LLC acted as co-book-running manager for the offering. Rodman & Renshaw, a unit of H.C. Wainwright & Co., LLC, acted as co-manager for the offering.
The common stock and warrants were offered by means of a prospectus supplement and accompanying prospectus, forming a part of the company's registration statement, previously filed with and subsequently declared effective by the Securities and Exchange Commission (SEC). A preliminary prospectus supplement and base prospectus relating to the offering have also been filed with the SEC and may be obtained at the SEC's website at http://www.sec.gov. Electronic copies of the prospectus supplement and accompanying base prospectus also may be obtained from Maxim Group LLC, 405 Lexington Avenue, 2nd Floor, New York, NY 10174, at (212) 895-3745.
MENLO PARK, Calif., April 1, 2016 /PRNewswire/ -- BioPharmX Corporation (NYSE MKT: BPMX), a specialty pharmaceutical company focusing on dermatology and women's health, today announced the closing of its previously announced underwritten public offering of 3,600,000 shares of common stock and warrants to purchase 1,800,000 shares of common stock, with a public offering price of $1.20 per share and related warrant. The warrants have an exercise price of $1.20 per share, are exercisable immediately and expire on April 1, 2021. The transaction included participation from existing investors, including investment vehicles of Franklin Advisers.
The company has granted the underwriters a 45-day option to purchase up to an additional 324,000 shares of common stock and/or warrants to purchase up to an additional 162,000 shares of common stock to cover additional over-allotments, if any. The company also announced today that the underwriters partially exercised the over-allotment option to purchase additional warrants to purchase 152,000 shares of common stock.
The gross proceeds from the offering, including the underwriters' partial exercise of the over-allotment option, were approximately $4.3 million, before deducting underwriting discounts and commissions and other estimated offering expenses.
BioPharmX intends to use the net proceeds of the offering for general corporate purposes, which may include funding research and development, increasing working capital and acquisitions or investments in businesses, products or technologies that are complementary to its own.
Maxim Group LLC acted as lead book-running manager and CRT Capital Group LLC acted as co-book-running manager for the offering. Rodman & Renshaw, a unit of H.C. Wainwright & Co., LLC, acted as co-manager for the offering.
The common stock and warrants were offered by means of a prospectus supplement and accompanying prospectus, forming a part of the company's registration statement, previously filed with and subsequently declared effective by the Securities and Exchange Commission (SEC). A preliminary prospectus supplement and base prospectus relating to the offering have also been filed with the SEC and may be obtained at the SEC's website at http://www.sec.gov. Electronic copies of the prospectus supplement and accompanying base prospectus also may be obtained from Maxim Group LLC, 405 Lexington Avenue, 2nd Floor, New York, NY 10174, at (212) 895-3745.
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