Source: Algernon Pharmaceuticals.
  • Algernon Pharmaceuticals (AGN) has confirmed the pricing of its public offering of units
  • The company will issue up to 533,333 units priced at $3.75 per unit for aggregate gross proceeds of up to $2,000,000
  • Each unit will consist of one Class A common share and one share purchase warrant
  • The offering is expected to close on or about July 4, 2022
  • Algernon is a clinical-stage pharmaceutical development company
  • Algernon Pharmaceuticals Inc. (AGN) opened trading at $4.60

Algernon Pharmaceuticals (AGN) has confirmed the pricing of its previously announced public offering of units.

The company will issue up to 533,333 units priced at $3.75 per unit for aggregate gross proceeds of up to $2,000,000.

Each unit will consist of one Class A common share and one share purchase warrant. Each warrant entitles the holder to purchase one additional common share at a price of $4.70 for a period of 5 years.

Research Capital is the sole agent and bookrunner for the offering. The company will grant an over-allotment option to the agent to increase the size of the offering by up to an additional 15 per cent.

The offering is expected to close on or about July 4, 2022.

Net proceeds will be used to fund research and development programs and for working capital purposes.

Algernon is a clinical-stage pharmaceutical development company investigating safe, approved drugs for new disease applications.

Algernon Pharmaceuticals Inc. (AGN) opened trading at $4.60.

More From The Market Online

Avicanna launches 10% CBD (THC free) formula in Canada

Avicanna (TSX:AVCN) launches RHO Phyto Micro Drop 100, a 10 per cent CBD (THC free), proprietary oral formulation in Canada.

Organigram looks to raise capital as cannabis stocks surge

Organigram (TSX:OGI), one of Canada's first cannabis stocks, announces an overnight marketed public offering of units for up to C$25 million.

Theratechnologies phases down preclinical oncology research

Biopharmaceutical company Theratechnologies (TSX:TH) announced it will phase down its preclinical oncology research activities.