Processa Pharmaceuticals Announces Pricing of $19.2 Million Public Offering and Uplisting to the Nasdaq Capital Market
02 Ottobre 2020 - 12:00PM
Processa Pharmaceuticals, Inc. (OTCQB: PCSA; Nasdaq: PCSA), a
clinical-stage biopharmaceutical company focused on the development
of drug products that are intended to provide treatment for and
improve the survival and/or quality of life of patients who have a
high unmet medical need condition or who have no alternative
treatment, announced today the pricing of an underwritten public
offering of 4,800,000 shares of common stock for a price to the
public of $4.00 per share. Gross proceeds to the Company are
expected to be approximately $19.2 million.
Processa also announced that, in connection with
the offering, its common stock has been approved for listing on the
Nasdaq Capital Market and will begin trading on the Nasdaq Capital
Market under the symbol “PCSA” on October 2, 2020.
The offering is expected to close on October 6,
2020, subject to the satisfaction of customary closing conditions.
The Company intends to use the net proceeds of the offering to
conduct clinical trials and for working capital and other general
corporate purposes.
Craig-Hallum Capital Group and The Benchmark
Company are acting as joint book-running managers for the offering.
National Securities Corporation is acting as co-manager for the
offering.
A registration statement relating to the
securities being sold in this offering was filed with the
Securities and Exchange Commission (SEC) and became effective on
October 1, 2020. This press release shall not constitute an offer
to sell or the solicitation of an offer to buy any of the shares of
common stock described herein, nor shall there be any sale of these
securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
jurisdiction. The final prospectus will be filed with the SEC and,
when available, electronic copies of the final prospectus may be
obtained by contacting Craig-Hallum Capital Group at 222 South
Ninth Street, Suite 350, Minneapolis, Minnesota 55402, Attention:
Equity Capital Markets, by telephone at 612-334-6300, by email
prospectus@chlm.com, or by accessing the SEC’s website,
www.sec.gov.
About Processa Pharmaceuticals,
Inc.
The mission of Processa has been to develop
products where existing clinical evidence of efficacy already
exists in unmet medical need conditions, medical conditions where
patients need treatment options that will improve survival and/or
quality of life. The Company has assembled a proven regulatory
science development team, management team, and Board of Directors.
The Processa development team has been involved with more than 30
drug approvals by the FDA (including drug products targeted to
orphan disease conditions) and 100 FDA meetings.
Forward-Looking Statements
This release contains forward-looking
statements. The statements in this press release that are not
purely historical are forward-looking statements which involve
risks and uncertainties. Actual future performance outcomes and
results may differ materially from those expressed in
forward-looking statements. Please refer to the registration
statement relating to the securities being sold in this offering,
which identifies important risk factors which could cause actual
results to differ from those contained in the forward-looking
statements.
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For More Information:Patrick
Linplin@processapharma.com 925-683-3218
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