Bookrunner Aegis helps fund working capital and corporate purposes
By Devika Patel
Knoxville, Tenn., July 22 – NephroGenex, Inc. said the underwriters for its public offering of units opted to exercise the deal’s $1.13 million greenshoe in full, lifting total proceeds of the offering to $8.63 million. The deal was announced April 20 and priced for $7.5 million with the greenshoe on July 16.
The company sold 1,725,000 units of one common share and one warrant at $5.00 per unit. Of the units, 225,000 were part of the fully exercised greenshoe.
Each warrant will be exercisable at $6.25 until July 22, 2020. The strike price is 0.16% premium to the July 15 closing share price of $6.24.
Aegis Capital Corp. was the bookrunning manager.
Proceeds will be used for working capital and general corporate purposes.
The Raleigh, N.C., pharmaceutical company develops therapeutics to treat kidney disease.
| Issuer: | NephroGenex, Inc.
|
| Issue: | Units of one common share and one warrant
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| Amount: | $8,625,000, including $1,125,000 greenshoe of 225,000 units
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| Units: | 1,725,000
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| Price: | $5.00
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| Warrants: | One warrant per unit
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| Warrant expiration: | July 22, 2020
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| Warrant strike price: | $6.25
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| Bookrunner: | Aegis Capital Corp.
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| Announcement date: | April 20
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| Pricing date: | July 16
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| Settlement date: | July 22
|
| Stock symbol: | Nasdaq: NRX
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| Stock price: | $6.24 at close July 15
|
| Market capitalization: | $39.8 million
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