AcelRx To Acquire Lowell For $32M, Announces Capital Raise Of $14M

  • AcelRx Pharmaceuticals Inc ACRX has agreed to acquire privately-held Lowell Therapeutics Inc for approximately $32.5 million.
  • The deal consideration includes approximately $26 million of contingent consideration payable in cash or stock. 
  • Lowell is developing Niyad, a regional anticoagulant for the dialysis circuit during continuous renal replacement therapy for acute kidney injury patients in the hospital. 
  • AcelRx closed Q3 with cash, cash equivalents, and short-term investments balance of $48.7 million.
  • It posted a Q3 net loss of $(0.07), compared to $(0.10) a year ago and in line with the expectations.
  • AcelRx has agreed with two life sciences-focused investment funds to sell 17.5 million shares and warrants exercisable for an aggregate of 17.5 million shares. 
  • The offering price for the common stock and warrants is $0.80 per share, and warrants will have an exercise price of $1.00 per share. 
  • AcelRx estimates gross proceeds of approximately $14.0 million.
  • Price Action: ACRX shares are down 2.66% at $0.77 during the premarket session on the last check Monday.
Market News and Data brought to you by Benzinga APIs
Posted In: BiotechEarningsM&ANewsPenny StocksHealth CareFinancingOfferingsMoversTrading IdeasGeneralBriefs
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!