Additionally, the company has amended the standstill agreement with Efficacy Capital to permit Efficacy Capital to own up to 40% of the company’s outstanding shares of stock and to designate two directors of the Repros’s board of directors.
The company plans to use the proceeds from the financing to fund its research and development activities, including the ongoing pivotal Phase III trials of its lead product candidate, Proellex, as a pre-surgical short course treatment of anemia associated with uterine fibroids and as a chronic treatment of uterine fibroids and endometriosis and for working capital and general corporate purposes.