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news.Raptor Pharmaceuticals has raised $10 million through a private placement of 20 million units constituting an aggregate of 20 million shares of the company's common stock and two-year warrants to purchase 10 million shares of common stock.
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Each unit was priced at $0.50 and consisted of one share of the company’s common stock and one warrant to purchase one-half share of common stock. Warrants are exercisable for two years from the date of issuance at $0.75 per share during the first year and $0.90 per share during the second year.
After deducting placement agent fees, the company raised $9.3 million in net proceeds from the private placement. The company intends to use the net proceeds to fund programs for its drug product candidates and execute its corporate strategy.
Christopher Starr, Raptor’s co-founder, director and CEO, said: “We are pleased to have closed this private placement, especially given the challenging financing environment for development-stage biotech companies. In the next six to nine months, we expect to have three clinical trials in progress including two trials addressing orphan indications.”