WASHINGTON (dpa-AFX) - Chromocell Therapeutics Corp. (CHRO) announced the pricing of its initial public offering of 1,100,000 shares of common stock at $6.00 per share on Friday.
This offering is expected to generate total gross proceeds of around $6.6 million.
Additionally, the company has given the underwriters a 45-day option to buy up to an extra 15% of common stock shares at the same offering price.
The company plans to use the net proceeds from the offering for various purposes, including conducting a Phase 2a proof-of-concept study of CC8464 for Erythromelalgia, developing market strategies, creating clinical programs for the spray formulations licensed from Benuvia, repaying amounts owed under specific promissory notes, and utilizing any remaining net proceeds for general corporate needs.
A.G.P./Alliance Global Partners is the exclusive book-running manager for the offering, which is scheduled to close on February 21, 2024.
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