Pharmaceutical

Prometic Life Sciences closes equity offering for gross proceeds of $61.7 million.

Prometic Life Sciences (TSX:PLI; OTCQX:PFSCF) closes equity offerings for gross proceeds of $61.7 million.
As quoted in the press release:

Pursuant to the Offering, Prometic issued 31,250,000 common shares of the Corporation at a price of $1.70per share for gross proceeds of $53,125,000.
In addition, Prometic completed a concurrent, non-brokered private placement of 5,045,369 common shares of the Corporation at a price of $1.70 per common share (the “Private Placement”) with SALP, an investment vehicle of Peter J. Thomson, following the exercise by SALP of its pre-emptive right to participate in any future public offering of Prometic’s common shares. The $8.6 million in proceeds from the Private Placement were used to offset and reduce the total amount owed by Prometic to SALP pursuant to their loan agreement dated April 27, 2017.
Commenting on the closing of these financings, Mr. Pierre Laurin, Prometic’s President and Chief Executive Officer said: “Expanding our institutional investor base in the U.S. is an important objective of ours. This financing has provided us the opportunity to have renowned life sciences specialist funds invest in the Prometic story as we prepare for the commercial launch of plasminogen. We are also pleased to have again received support from SALP who have continued to demonstrate their commitment as a strategic, long-term investor in Prometic through the Private Placement.”

Click here to read the full press release.

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