New York, Jan. 30 - Human BioSystems, Inc. said it intends to raise up to $10 million in a follow-on stock offering of 20 million shares at $0.50 each, according to a 424B1 with the Securities and Exchange Commission.
The company noted proceeds will go towards working capital and general corporate purposes.
There is no underwriter involved in the best-efforts offering.
Following the offer, the company said 84.196 million shares will be outstanding, excluding 2.064 million shares reserved for the exercise of stock options and warrants.
The Palo Alto, Calif., development-stage company is focused on the preservation of biological materials, such as blood platelets and donor organs. The company's stock closed unchanged at $0.48 on Monday (OTCBB: HBSC).
| Issuer: | Human BioSystems, Inc.
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| Issue: | Stock
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| Amount: | $10 million
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| Shares: | 20 million
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| Price: | $0.50
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| Announcement date: | Jan. 30
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| Stock price: | $0.53 on Jan. 26
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| Stock price: | $0.48 on Jan. 30
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