Printer Friendly

Novus Therapeutics raises USD4.7m in gross proceeds from exercise of warrants.

M2 EQUITYBITES-January 13, 2020-Novus Therapeutics raises USD4.7m in gross proceeds from exercise of warrants

(C)2020 M2 COMMUNICATIONS http://www.m2.com

Pharmaceutical company Novus Therapeutics Inc (NASDAQ:NVUS) announced on Friday the exercise of certain warrants to purchase up to an aggregate of 5,605,816 shares of common stock having an exercise price of USD4.00 at a reduced exercise price of USD0.84 per share.

These warrants will be exercisable into an aggregate of up to 5,605,816 shares of common stock, at an exercise price of USD0.72 per share and have a term of exercise equal to five and one-half years.

The gross proceeds to the company from the exercise of the warrants are expected to be approximately USD4.7m, prior to deducting placement agent fees and estimated offering expenses.

Net proceeds from the offering may be used by the company to fund the ongoing phase 2a clinical trial in acute otitis media, as well as for working capital and other general corporate purposes.

HC Wainwright & Co is acting as the exclusive placement agent for the offering.

((Comments on this story may be sent to info@m2.com))

COPYRIGHT 2020 Normans Media Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2020 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:M2 EquityBites (EQB)
Date:Jan 13, 2020
Words:195
Previous Article:Federated Premier Municipal Income Fund announces dividend of USD.
Next Article:Corus Entertainment announces class B and A dividends of CAD0.06 and CAD0.05875 per share respectively for quarter.

Terms of use | Privacy policy | Copyright © 2020 Farlex, Inc. | Feedback | For webmasters