Aptose Biosciences Inc (NASDAQ:APTO) disclosed a proposed public offering of common shares. The company will offer $50 million in shares at $4 each.
The San Diego-based company announced that it priced its previously announced underwritten public offering of 16,125,000 common shares at a price of $4.00 U.S. per share. Gross proceeds from the Offering, before deducting underwriting discounts and commissions and estimated offering expenses payable by Aptose, are expected to be approximately $64.5 million U.S.
The underwriters have been granted a 30-day option to purchase up to an additional 2,418,750 common shares in the Offering, under the same terms and conditions.
Aptose intends to use all or a portion of the net proceeds to accelerate and expand clinical trials for CG-806; accelerate and expand its clinical trials for APTO-253; acquire and fund (including through partnerships and in-licensing) additional clinical assets; and for working capital and general corporate purposes.
Piper Jaffray & Co. is acting as the sole active book-running manager and Canaccord Genuity is acting as passive book-running manager for the Offering. Oppenheimer & Co. is acting as lead manager and JonesTrading Institutional Services LLC is acting as co-manager for the Offering.
The Offering is expected to close on or about December 19 subject to customary closing conditions.
Aptose is a clinical-stage biotechnology company committed to developing personalized therapies addressing unmet medical needs in oncology, with an initial focus on hematology.
APTO shares acquired 31 cents, or 6.9%, to $4.74.
