Aeterna Zentaris Inc. (NASDAQ: AEZS) has filed an amended F-1 form with the U.S. Securities and Exchange Commission (SEC) for its secondary offering. Maxim Group is acting as the sole book-running manager for the offering.
The company announced the pricing of this underwritten public offering, which includes common shares and warrants. The offering price came out to be $5.55 for one common share, together with a warrant to purchase 0.7 of a common share.
The offering is valued up to $16.65 million, which consists of a total 3.0 million common shares and warrants to acquire 2.1 million common shares. Additionally, the company has granted the underwriter a 45-day overallotment option to purchase up to an additional 330,000 common shares and warrants to purchase up to an additional 231,000 common shares.
This offering is expected to close on December 14, but it is still subject to customary closing conditions and regulatory approvals.
Net proceeds from the offering are expected to be roughly $15.0 million. The company intends to use the net proceeds from the offering to continue to fund its ongoing drug development activities, for the potential addition of commercialized products to its portfolio, to fund negative cash flow and for working capital and general corporate purposes.
Aeterna Zentaris is a specialty biopharmaceutical company engaged in developing and commercializing novel treatments in oncology, endocrinology and women’s health. Shares were trading down over 28% at $5.07 Wednesday, with a consensus analyst price target of $12.00 and a 52-week trading range of $3.19 to $89.00.
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