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Trovagene reports pricing of USD18m public offering.

M2 PHARMA-June 8, 2018-Trovagene reports pricing of USD18m public offering


Molecular diagnostics company Trovagene Inc (NASDAQ:TROV) said on Thursday that it expects net proceeds of approximately USD16.2m, excluding the proceeds, if any, from the exercise of the warrants from its public offering of its common stock and common stock warrants.

The company has issued public offering of 18,000,000 shares of its common stock (or common stock equivalents) and common stock warrants to purchase up to an aggregate of 18,000,000 shares of common stock. Each common stock or common stock equivalent is being sold together with a common stock warrant to purchase one share of common stock at a combined effective price to the public of USD1.00 per share and accompanying common stock warrant.

Additionally, the warrants will have an exercise price of USD1.10, will be exercisable upon issuance and will expire five years from the date of issuance. The common stock and the accompanying common stock warrants can only be purchased together in this offering, but will be issued separately, said the company.

In conjunction, the company has provided the underwriters with a 45-day option to purchase 2,700,000 additional shares of its common stock (or common equivalents) and/or additional common stock warrants to purchase up to an aggregate of 2,700,000 shares of its common stock.

Net proceeds may be used by the company to fund its research and development activities,working capital as well as for general corporate purposes.

ThinkEquity is the sole book-running manager. The offering is expected to close on 12 June 2018, subject to satisfaction of customary closing conditions.

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Publication:M2 Pharma
Date:Jun 8, 2018
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