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news.Nymox Pharmaceutical, a biotechnology company, has secured a new commitment for $15 million in equity financing from institutional investors.
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The funds will be used for general corporate purposes. The financing gives the company the right to place common stock to the investors at a 3% discount to the market price of the company’s stock.
There are no warrants, price resets, and no restrictions on other corporate financing. The timing and amount of each placement is in the sole discretion of the company. The institutional investors have participated in previous equity financings for the company.
Paul Averback, CEO of Nymox, said: “The company is very pleased to announce this financing commitment. Nymox has achieved minimal dilution for our shareholders, a very low burn rate, and zero long term debt. The new financing reinforces our drug development activities.”