NEW YORK--(BUSINESS WIRE)--Aptorum Group Limited (NASDAQ: APM), a biopharmaceutical company focused on the development of novel therapeutics to address global unmet medical needs, today announced the pricing of a registered direct offering of 1,351,350 Class A ordinary shares and warrants to purchase 1,351,350 of its Class A ordinary shares at an exercise price of $7.40 per share. The combined purchase price for one Class A ordinary share and one warrant will be $7.40. The gross proceeds to Aptorum Group from the registered direct offering are expected to be approximately $10 million, before deducting the placement agents’ fees and other estimated offering expenses. Participation in the offering includes approximately $6 million from unaffiliated institutional investors and $4 million from Jurchen Investment Corporation, the largest shareholder of Aptorum Group, which is wholly owned by Ian Huen, the Chief Executive Officer and Executive Director of Aptorum Group. The offering is expected to close on February 28, 2020, subject to customary closing conditions.
Alliance Global Partners (“AGP”) is acting as lead placement agent and Maxim Group LLC is acting as a co-placement agent in connection with this offering.
Aptorum Group intends to use the net proceeds from the offering primarily to fund the continued research and development of our leading therapeutic candidates (including SACT-1 and ALS-4) into their respective clinical phases and also to expand our discovery and development pipeline of the Smart-ACTTM orphan diseases platform, as well as for working capital, and for general corporate purposes. We may also use a portion of the net proceeds to acquire or invest in technologies, products and/or businesses that we believe will enhance the value of our Company, although Aptorum Group has no current plans, commitments or agreements with respect to any such transactions or acquisitions as of the date hereof. Aptorum Group is pleased to have such US based institutional support and as our anchor investors to support our continued growth and expansion of our programs.
About Aptorum Group Limited
Aptorum Group Limited (Nasdaq: APM) is a pharmaceutical company dedicated to developing and commercializing novel therapeutics to tackle unmet medical needs. Aptorum Group is pursuing therapeutic projects in orphan diseases, infectious diseases, metabolic diseases and other disease areas.
For more information about Aptorum Group, please visit www.aptorumgroup.com.
