Collectar Biosciences Prices $7.0 Million Public Issue

Collectar Biosciences Inc CLRB revealed it priced $7.0 million gross proceeds of its public issue. The company has priced its shares at $2.13 a share along with the traditional warrants. According to the company, the net proceeds of the issue would be about $6.2 million after excluding commissions and estimated expenses.

Collectar Biosciences indicated that for each share or pre-funded warrant purchased, the company would offer an investor a five-year traditional warrant exercisable for one share of its common stock, at $3.04 per share. The company stated that both the shares and pre-funded warrants would be separable immediately from the traditional warrants.

The company also disclosed that it applied for listing of the warrants to trade on NASDAQ under the ticker symbol CLRBZ. The company expects the warrants to trade on or before closing of the public issue. The company expects the public issue to close before April 20 subject to some customary closing conditions.

Following the news, shares of the company were down 31.5 percent on Friday.