Seelos Therapeutics (NASDAQ:SEEL), is set to raise net proceeds of $4.3 million to advance the drugs in its pipeline, thanks to its latest public offering.
Under the terms of the offering, 6,666,667 shares of Seelos stock will be sold at a price of $0.75 per share. Underwriters have also been awarded a 45-day option to purchase up to 999,999 additional shares to cover over-allotments.
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Dr. Raj Mehra, CEO, founder and chairman of the Seelos board, intends to purchase shares in the offering, which is set to close on or around February 13, at the set price. Benchmark Company is acting as the sole book-runner for the offering.
Seelos is a New York clinical-stage biopharmaceutical company focused on central nervous system, neurological and psychiatric disorders.