leadf
logo-loader
viewTRACON Pharmaceuticals

TRACON Pharmaceuticals launches private placement with multiple institutional health care focused funds to raise aggregate gross proceeds of approximately $5.0 million

The company said it will sell approximately 3.0 million shares of common stock, or in lieu of common stock, pre-funded warrants to purchase common stock at a purchase price of approximately $1.67 each

Cancer cell
TRACON said it intends to use the net proceeds from the private placement to conduct the ENVASARC pivotal study of envafolimab in sarcoma

TRACON Pharmaceuticals Inc (NASDAQ:TCON) said that, following the closing of its private placement announced on August 27, 2020, the group has entered into an additional definitive securities purchase agreement with multiple institutional health care focused funds to raise aggregate gross proceeds of approximately $5.0 million through another private placement of its common stock and pre-funded warrants.

TRACON said it will sell approximately 3.0 million shares of common stock, or in lieu of common stock, pre-funded warrants to purchase common stock at a purchase price of approximately $1.67 each. The pre-funded warrants will have a per share exercise price of $0.01 and will expire seven years from the date of issuance.

READ: TRACON Pharmaceuticals shares surge as it receives FDA nod for envafolimab trial in USA

The closing of the private placement is expected to occur on or about August 31, 2020.

The company said it intends to use the net proceeds from the private placement to conduct the ENVASARC pivotal study of envafolimab in sarcoma and for working capital and general corporate purposes.

 As previously announced, the ENVASARC trial was cleared by the US Food and Drug Administration on August 14, 2020.

TRACON is a clinical-stage biopharmaceutical company focused on the development and commercialization of novel targeted cancer therapeutics and utilizing a cost-efficient, CRO-independent product development platform to partner with ex-US companies to develop and commercialize innovative products in the US.

Contact the author at [email protected]

Quick facts: TRACON Pharmaceuticals

Price: 4.85 USD

NASDAQ:TCON
Market: NASDAQ
Market Cap: $63.94 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of TRACON Pharmaceuticals named herein, including the promotion by the Company of TRACON Pharmaceuticals in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

TRACON Pharmaceuticals approved by the FDA to begin sarcoma cancer therapy...

TRACON Pharmaceuticals Inc (NASDAQ:TCON) CEO Charles Theuer tells Proactive the FDA has given the go-ahead for its human trial of envafolimab for sarcoma cancer. Theuer says it expects to start enrolling patients in the trial at 25 sites in the US in the fourth quarter of 2020.

on 08/18/2020

2 min read