Money continues to be raised at a feverish pace in the capital markets, with Antibe Therapeutics (TSX: ATE) the latest firm to announce a significant bought deal financing. The company last night announced that it has entered into an arrangement with Canaccord Genuity to raise $35.1 million in a bought deal financing.
A total of 5.9 million units of the company are to be sold under the offering, with each unit priced at $6.00 each. Each unit contains one common share and one half of a common share purchase warrant, with each warrant containing an exercise price of $7.50 per share and an expiry three years from the date of issuance.
An over-allotment option has also been granted.
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Net proceeds from the financing are to be used to fully fund phase three efficacy trials and the remaining non-clinical studies for its lead drug, as well as to complete IND-enabling studies for two products in its pipeline, as well as to advance new drug candidates. Finally, funds will also be used for working capital and general corporate purposes.
The financing is currently slated to close on February 24.
Antibe Therapeutics last traded at $7.00 on the TSX.
Information for this briefing was found via Sedar and Antibe Therapeutics. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
