Seelos Therapeutics, Inc. (Nasdaq: SEEL), a clinical-stage biopharmaceutical company, announced today that it has entered into a securities purchase agreement with certain institutional investors, providing for the purchase and sale of 8,865,000 shares of common stock at a price of $0.79 per share in a registered direct offering, resulting in gross proceeds of approximately $7.0 million, before deducting the placement agents' fees and estimated offering expenses. The Company also agreed to issue to the investors unregistered warrants to purchase up to 6,648,750 shares of common stock in a concurrent private placement. The warrants have an exercise price of $0.84 per share of common stock, will be exercisable six months from the date of issuance and will expire five years following the initial date of exercise.
The registered direct offering and concurrent private placement are expected to close on or about September 9, 2020, subject to the satisfaction of customary closing conditions.
Seelos intends to use the net proceeds from the offering for general corporate purposes and to advance the development of its product candidates.
Roth Capital Partners is acting as the sole placement agent for the offering.
This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.
About Seelos Therapeutics:
Seelos Therapeutics, Inc. is a clinical-stage biopharmaceutical company focused on the development and advancement of novel therapeutics to address unmet medical needs for the benefit of patients with central nervous system (CNS) disorders and other rare disorders. The Company's robust portfolio includes several late-stage clinical assets targeting psychiatric and movement disorders, including orphan diseases. Seelos is based in New York, New York. For more information, please visit our website: http://seelostherapeutics.com, the content of which is not incorporated herein by reference.
