Grace Therapeutics Shares Rise After Private Placement Financing of up to $30 Million

MT Newswires Live
02-11

Grace Therapeutics (GRCE) rose nearly 8% in recent Monday trading after it said it entered into securities purchase agreements for a private placement financing of up to $30 million with healthcare-focused institutional investors.

The financing consists of an initial upfront funding of about $15 million, with an additional potential $15 million if accompanying warrants are exercised for cash. The deal is expected to close on Tuesday, subject to customary closing conditions.

As part of the financing, Grace Therapeutics will issue about 4.4 million common shares, or pre-funded warrants in lieu thereof, along with warrants to purchase up to an additional 4.4 million shares at a combined purchase price of $3.395 per share.

Each warrant allows the holder to purchase one share at $3.395 and will expire either 60 days after the US Food and Drug Administration approves the New Drug Application for GTx-104 or on Sept. 25, 2028.

If all warrants are exercised, Grace Therapeutics could receive up to $15 million in additional proceeds.

The company, formerly Acasti Pharma, plans to use the funds to support general operations and the pre-commercial development of GTx-104.

Price: 3.53, Change: +0.26, Percent Change: +7.95

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