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Minneapolis, June 30, 2021 (Global News Agency)-Panbela Therapeutics, Inc. (NASDAQ:PBLA) (“Company” or “Panbela”), a clinical-stage biopharmaceutical company that develops disruptive therapies for cancer patients, today announced that due to demand, the underwriters have agreed to increase the size of the previously announced public offering and build on firm commitments Purchase 3,333,334 shares of the company’s common stock from the public at a price of $3.00 per share, minus underwriting discounts and commissions. The public sale is expected to be completed on or around July 2, 2021, subject to customary closing conditions.
HC Wainwright & Co. acted as the sole bookrunner for this issue.
The company has granted the underwriters a 30-day option to purchase up to 500,000 common shares at the public offering price minus underwriting discounts and commissions.
The total proceeds of the issuance are estimated to be approximately US$10 million, deducting underwriting discounts and commissions and the issuance fees payable by Panbela, and assuming that the option to purchase additional shares is not exercised. The company intends to use the net proceeds from this issuance for the continuous clinical development of its initial candidate product SBP-101, working capital and other general corporate purposes.
The above-mentioned common stock was provided by the company in accordance with the “shelf” registration statement on the S-3 form (document number 333-255751) filed with the U.S. Securities and Exchange Commission (“SEC”), and on May 11, 2021, this issuance Shares…
The full story on Benzinga.com
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