The company said it intends to use the net proceeds from the offering to fund the ENVASARC pivotal study of envafolimab in sarcoma, further business development efforts, and for working capital and general corporate purposes.
READ: TRACON Pharmaceuticals says first patient dosed in ENVASARC registration trial to treat soft-tissue sarcoma cancer
The securities purchase agreement with new and existing investors is to sell an aggregate of 1.1 million shares of common stock via the registered direct offering at a price of $8.06 per share, which is the five-day average closing price of the company’s common stock as of December 21, 2020.
The closing of the offering is expected to occur on or about December 22, 2020. A.G.P./Alliance Global Partners is acting as a financial advisor for the offering.
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.
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