TRACON Pharmaceuticals Inc (NASDAQ:TCON) (FRA:T051) said it has entered into a securities purchase agreement with an existing investor to sell an aggregate of 520,961 shares of common stock in a registered direct offering, with aggregate gross proceeds expected to be $5.0 million.
The group said the offering will be at a price of $9.61 per share, which was the closing price of the company’s common stock on December 28, 2020.
READ: TRACON Pharmaceuticals says it is looking to raise aggregate gross proceeds of $8.8 million from a registered direct share offering
TRACON 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.
The closing of the offering is expected to occur on or about December 30, 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.
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