Processa Pharmaceuticals Announces Closing of a $10.2 Million Private Placement
02 Marzo 2021 - 3:15PM
Processa Pharmaceuticals, Inc. (Nasdaq: PCSA) is pleased to
announce it has closed its previously announced private placement
to institutional and accredited investors of $10.2 million. The
Company sold 1,321,132 shares of the common stock at a purchase
price of $7.75 per share for $10.2 million in the private
placement. The Company received net proceeds of $9.9 million.
The funding raised in this financing will enable
Processa to be funded through 2023 and either expand the clinical
development of PCS6422 or conduct the IND enabling toxicology
studies to advance PCS11T to IND.
David Young, Pharm.D., Ph.D., Chairman and CEO
said, “We are grateful for the support from our investors. This
financing will not only strengthen our balance sheet but will allow
us to further develop one of our cancer treatment drugs, PCS6422 or
PCS11T. We anticipate that these two drugs will prove to be better
than many of the present treatments in patients with colorectal
cancer, breast cancer, pancreatic cancer or lung cancer.”
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 private placement is complete and was made
pursuant to the exemption from securities registration afforded by
Section 4(a)(2) of the Securities Act of 1933, as amended, and Rule
506 of Regulation D as promulgated by the United States
Securities and Exchange Commission (SEC) and the securities
sold in the private placement may not be offered or sold
in the United States absent registration with
the SEC or an applicable exemption from such registration
requirements. The Company has agreed to file a registration
statement with the SEC covering the resale of the common
shares as well as the common shares issuable upon exercise of the
warrants issued in the private placement.
This release shall not constitute an offer to
sell or the solicitation of an offer to buy nor shall there be any
sale of these securities in any state or other 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 other jurisdiction.
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
pipeline programs include: PCS6422 (metastatic colorectal cancer
and breast cancer), PCS499 (ulcerative necrobiosis lipoidica) and
PCS12852 (GI motility/gastroparesis). The members of the Processa
development team have been involved with more than 30 drug
approvals by the FDA (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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