Biotech

Aptorum Group Limited announced it will set a price of US$7.40 per share for its upcoming offering worth 1.3 million shares of the company and 1.3 million warrants.

Aptorum Group Limited (NASDAQ:APM) announced it will set a price of US$7.40 per share for its upcoming offering worth 1.3 million shares of the company and 1.3 million warrants.

As quoted in the press release:

The combined purchase price for one Class A ordinary share and one warrant will be US$7.40. The gross proceeds to Aptorum Group from the registered direct offering are expected to be approximately $10 million, before deducting the placement agents’ fees and other estimated offering expenses. Participation in the offering includes approximately US$6 million from unaffiliated institutional investors and US$4 million from Jurchen Investment Corporation, the largest shareholder of Aptorum Group, which is wholly owned by Ian Huen, the Chief Executive Officer and Executive Director of Aptorum Group. The offering is expected to close on February 28, 2020, subject to customary closing conditions.

Aptorum Group intends to use the net proceeds from the offering primarily to fund the continued research and development of our leading therapeutic candidates (including SACT-1 and ALS-4) into their respective clinical phases and also to expand our discovery and development pipeline of the Smart-ACT orphan diseases platform, as well as for working capital, and for general corporate purposes. We may also use a portion of the net proceeds to acquire or invest in technologies, products and/or businesses that we believe will enhance the value of our Company, although Aptorum Group has no current plans, commitments or agreements with respect to any such transactions or acquisitions as of the date hereof.

Click here to read the full press release.

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