Corbus Pharmaceuticals Reveals $15 Million Direct Offering

Corbus Pharmaceuticals Holdings, Inc. CRBP, a clinical stage drug development company targeting rare, chronic, serious inflammatory and fibrotic diseases, revealed Friday that it reached a Securities Purchase Agreement for the sale of shares of its common stock in a registered direct offering to investors. This included several healthcare oriented fundamental institutional investors.

Corbus Pharmaceuticals said it's selling 5.96 million shares at a purchase price of $2.50 per share with gross proceeds totaling $14.9 million. The company expects the offering to close on or before June 15, subject to the customary closing conditions.

The company said the proceeds from the offering would be used towards the continued advancement of its clinical development programs of its investigational drug, Resunab for the treatment of cystic fibrosis, diffuse cutaneous systemic sclerosis, skin predominant dermatomyositis and systemic lupus erythematosus.

Shares of the company traded 3.73 percent higher on Friday.