Aptose Biosciences, a renowned biopharmaceutical company, recently announced its plans for a public offering and a strategic investment. Unfortunately, this news has caused a temporary decline in the company’s shares.
Public Offering Details
The underwritten public offering will consist of 4.9 million shares priced at $1.71 per share. Additionally, each share will include a warrant to purchase an additional share at the same price. It is estimated that the proceeds from this offering will amount to $8.4 million.
Furthermore, the underwriters have been granted a 30-day option to purchase an extra 737,000 shares and/or warrants, under the same conditions as the initial offering.
Strategic Investment
Aptose Biosciences has also priced a private placement worth $4 million with Hanmi Pharmaceutical. This investment represents ownership of approximately 19.97% of the company’s outstanding shares following the placement.
Under the terms of this strategic investment, Hanmi Pharmaceutical will purchase each share at a price of $1.90, which includes an 11% premium over the public offering price. In addition to the shares, Hanmi will also receive warrants to purchase shares at a price of $1.71 per warrant share.
Timelines
The public offering is expected to close on or about Tuesday, while the private placement is anticipated to close on or about Wednesday.
Utilization of Proceeds
Aptose Biosciences plans to allocate the proceeds from these offerings towards several key areas. These include supporting clinical trials for their product tuspetinib, manufacturing tuspetinib clinical supplies, and utilizing funds for working capital and general corporate purposes.
