OS Therapies (OSTX) said Tuesday that it signed securities purchase agreements with investors to sell 1.5 million units at $4 each for gross proceeds of $6 million.

Each unit consists of one share of series A senior convertible preferred stock, initially convertible into one share of common stock and one warrant to purchase one common share. The preferred stock is convertible into shares at $4, while the warrants are exercisable at $4.40 per share, the company said.

The offering is expected to close on or about Friday.

OS Therapies said it will use the proceeds for working capital, particularly related to the clinical and regulatory milestones of lead therapeutic candidate OST-HER2 to treat recurrent, resected metastatic osteosarcoma in the US, and for general corporate purposes.

Shares of the company surged more than 17% in recent trading.

Price: 4.44, Change: +0.66, Percent Change: +17.46