Warrants to trade on OTCQX Marketplace under symbol "AYTUW"
By Angela McDaniels
Tacoma, Wash., May 3 – Aytu BioScience, Inc. priced a $7.5 million underwritten public offering of 18.75 million shares of common stock and warrants to purchase up to 18.75 million shares at a combined public offering price of $0.40 per share and related warrant.
The underwriters have a $1.13 million over-allotment option for up to an additional 2,812,500 shares and/or 2,812,500 additional warrants.
The shares will be immediately separable from the warrants and will be issued separately.
The warrants are exercisable immediately, expire five years after the date of issuance and have an exercise price of $0.50 per share, which is a 19% premium over the company’s $0.42 closing share price on April 29.
The warrants were expected to begin trading on the OTCQX Marketplace under the symbol "AYTUW" on May 3.
The offering priced on May 2 and is expected to close on May 6.
Joseph Gunnar & Co., LLC is acting as bookrunner, and Fordham Financial Management, Inc. is acting as lead manager.
The company plans to use the proceeds to fund the expansion of its commercial infrastructure, to purchase complementary urology products and/or product candidates, to fund the remaining clinical development activities for MiOXSYS, to enable FDA clearance and working capital for general corporate and administrative expenses.
Englewood, Colo.-based Aytu BioScience is a specialty pharmaceutical company focused on urology.
| Issuer: | Aytu BioScience, Inc.
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| Issue: | Common stock, warrants
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| Amount: | $7.5 million
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| Greenshoe: | $1,125,000
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| Shares: | 18.75 million
|
| Price: | $0.40
|
| Warrants: | One per share
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| Warrant expiration: | Five years
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| Warrant strike price: | $0.50
|
| Bookrunner: | Joseph Gunnar & Co., LLC
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| Lead manager: | Fordham Financial Management, Inc.
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| Pricing date: | May 2
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| Settlement date: | May 6
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| Stock symbol: | OTCQX: AYTU
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| Stock price: | $0.42 at close April 29
|
| Market capitalization: | $6.82 million
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