The offering comrpises 8.66M shares of common stock (or pre-funded warrants in lieu thereof) and (ii) warrants to purchase up to 17.33M shares, issued at a purchase price of $1.80 per share and associated public warrant.
The warrants will have an exercise price of $2.25/share, are immediately exercisable, and will expire five years after their initial exercise date.
Gross proceeds are expected to be ~$15.6M. The offering is expected to close on or about February 7, 2023.
Net proceeds will be used to progress the clinical development of imatinib for the treatment of PAH (which would include, initially, to launch its Phase 3 trial) and levosimendan for the treatment of PH-HFpEF, toward regulatory approval for the treatment of these and potentially other indications and, depending on patents pending that the company expects the USPTO to make throughout 2023 and other factors determining near-term prioritization, channel the net proceeds towards these ends as well as for working capital, capital expenditures, continued product development, and other general corporate purposes.