Processa Pharmaceuticals Announces $10.2 Million Strategic Financing
17 Febbraio 2021 - 2:00PM
Processa Pharmaceuticals, Inc. (NASDAQ: PCSA), (“Processa” or the
“Company”), a clinical-stage biopharmaceutical company developing
products to improve the survival and/or quality of life for
patients who have unmet medical needs, announced today that it has
executed a securities purchase agreement to raise gross proceeds of
$10.2 million resulting from the sale of 1,321,132 shares through a
private investment in public equity (PIPE) financing at a price of
$7.75 per share. The financing attracted both institutional and
accredited investors. The closing of the private placement is
subject to the satisfaction of customary closing conditions,
expected to occur on or about February 23, 2021.
“We believe these additional resources position
us to further advance our pipeline of drug candidates for those
patients who need better treatment options in cancer and
gastroparesis as well as patients who have no real FDA approved
treatment for Necrobiosis Lipoidica (NL),” said Dr. David Young,
CEO and chairman of Processa. “We look forward to seeing the
results from our interim analyses in the phase 1B PCS6422 study and
the Phase 2B PCS499 study in the 2H 2021.”
Tribal Capital Markets, LLC acted as sole
placement agent for the offering. Allele Capital Partners, LLC
through Tribal Capital Markets, LLC was responsible for sourcing
and executing the offering.
The securities are being sold in a private
placement and have not been registered under the Securities Act of
1933, as amended, and may not be offered or sold in the United
States absent registration or an applicable exemption from
registration requirements. The Company has agreed to file a resale
registration statement with the U.S. Securities and Exchange
Commission, for purposes of registering the resale of the ordinary
shares issued or issuable in connection with the offering.
About Processa Pharmaceuticals, Inc.
The mission of Processa is to develop products
with existing clinical evidence of efficacy for patients with unmet
or underserved medical conditions who need treatment options that
improve survival and/or quality of life. The Company uses these
criteria for selection to further develop its pipeline programs to
achieve high-value milestones effectively and efficiently. Active
clinical pipeline programs include: PCS6422 (metastatic colorectal
cancer and breast cancer), PCS499 (ulcerative Necrobiosis
Lipoidica) and PCS12852 (gastroparesis). The markets of each
indication are in excess of $1 billion each. The members of the
Processa development team have been involved with more than 30 FDA
drug approvals (including drug products targeted to orphan disease
conditions) and more than 100 FDA meetings throughout their
careers. For more information, visit the company’s website
at www.ProcessaPharma.com .
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.
For More Information: Michael Floyd
mfloyd@processapharma.com 301-651-4256
James Carbonara Hayden IR (646) 755-7412
james@haydenir.com
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