Processa Pharmaceuticals, Inc. Announces Closing of $6.25 Million Registered Direct Offering, Which Included Retail Investors and Insiders, Priced at the Market Under Nasdaq Rules
February 15 2023 - 7:30AM
Processa Pharmaceuticals, Inc. (Nasdaq: PCSA) ("Processa" or the
"Company"), a diversified clinical-stage company developing next
generation chemotherapy drugs for patients who have unmet medical
conditions and/or require better treatment options to improve a
patient’s survival and/or quality of life, today announced that it
has closed its $6.25 million registered direct offering entered
into definitive agreements with retail investors and insiders for
the purchase and sale of 7,812,544 common shares at a purchase
price of $0.80 per share.
Spartan Capital Securities, LLC acted as the
sole placement agent for this transaction.
The gross proceeds to the Company from the
registered direct offering was $6.25 million, before deducting the
placement agent’s fees and other offering expenses payable by the
Company. The Company intends to use the net proceeds from this
offering for future clinical trials, research, and development
expenses, and for working capital and other general corporate
purposes.
The shares of common stock are being offered by
the Company pursuant to a “shelf” registration statement on
Form S-3 previously filed with the Securities and Exchange
Commission, or the SEC, and declared effective by the SEC. The
offering of the shares of common stock will be made only by means
of a prospectus, including a prospectus supplement, forming a part
of the effective registration statement. A final prospectus
supplement and accompanying prospectus relating to the shares of
common stock being offered will be filed with the SEC. Copies
of the final prospectus supplement and accompanying base prospectus
may be obtained, when available, for free by visiting EDGAR on the
SEC’s website at www.sec.gov. Alternatively, you may contact Wendy
Guy for a copy of these documents or contact our principal
executive offices at 7380 Coca Cola Drive, Suite 106, Hanover,
Maryland, 21076, c/o Wendy Guy, Corporate Secretary, (443)
776-3133.
This press release shall not constitute an offer
to sell or the solicitation of any offer to buy the securities
discussed herein, nor shall there be any offer, solicitation, or
sale of the securities in any state in which such offer,
solicitation, or sale would be unlawful prior to registration or
qualification under the securities laws of any such state.
About Processa Pharmaceuticals, Inc.
The mission of Processa is to develop products
with existing clinical evidence of efficacy for patients with unmet
or underserved medical conditions who need treatment options that
improve survival and/or quality of life. The Company uses its
Regulatory Science Approach criteria when selecting and developing
drugs to achieve high-value milestones effectively and efficiently.
Processa will prioritize the three Next Generation Chemotherapy
treatment programs: Next Generation Capecitabine (PCS6422 and
Capecitabine to treat metastatic colorectal, gastrointestinal,
breast, pancreatic, and other cancers), Next Generation Gemcitabine
(PCS3117 to treat pancreatic, lung, ovarian, breast, and other
cancers), and Next Generation Irinotecan (PCS11T to treat lung,
colorectal, gastrointestinal, pancreatic, and other cancers).
Members of the Processa development team have
been involved with more than 30 approvals for indications in almost
every division of the FDA (including drug products targeted to
orphan disease conditions) and more than 100 FDA meetings
throughout their careers. For more information, visit our website
at www.processapharma.com
Forward-Looking Statements
This release contains forward-looking
statements. The statements in this press release that are not
purely historical are forward-looking statements which involve
risks and uncertainties. Actual future performance outcomes and
results may differ materially from those expressed in
forward-looking statements. Please refer to the documents filed by
Processa Pharmaceuticals with the SEC, specifically the most recent
reports on Forms 10-K and 10-Q, which identify important risk
factors which could cause actual results to differ from those
contained in the forward-looking statements.
For More Information:
Michael Floydmfloyd@processapharma.com(301)
651-4256
Patrick Lin(925)
683-3218plin@processapharma.com
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