A Bucks County pharmaceutical company is set to raise a large sum of money through recent financial dealings they have partaken in. John George wrote about the company for the Philadelphia Business Journal.
Optinose, based in Yarldey, is currently wrapping up a public stock offering this week that is expected to bring the company $50 million. The drug and delivery device developer plans to sell 26.32 million shares of its common stock as well as warrants to purchase an equal amount of shares at $1.90 per share, combined.
The company will issue the shares of common stock and warrants separately, however the two can only be bought together in this offering. The warrants are exercisable immediately upon their issuance for the exercise price of $2.56 per share. They will expire five years after the date of issuance.
Optinose shares were trading at $1.70 per share in midday trading on Tuesday.
If underwriters exercise their full option to buy close to 3.95 million shares of common stock to cover overallotments, the amount of the stock sale could grow by an additional $7.5 million.
The company will use the money for working capital and general corporate purposes. This includes continued commercialization efforts for Xhance, the FDA-approved nasal spray and exhalation delivery system used as a treatment for nasal polyps.
Read more about Optinose in the Philadelphia Business Journal.