Genprex Inc. said it has entered into a securities purchase agreement with a single, healthcare-focused institutional investor for gross proceeds of approximately $4 million.
The company said it intends to use the net proceeds for general working capital purchases.
Pursuant to a registered direct offering, the investor will purchase 3,809,524 shares of Genprex’s stock together with warrants to purchase up to 3,809,524 shares at a combined purchase price of $1.05 per share and accompanying warrant.
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The warrants will have an exercise price of $1.10, will be exercisable immediately and will expire five years from the date of issuance, Genprex said.
The closing of the offering is expected to occur on or about March 1, 2023, subject to the satisfaction of customary closing conditions.
AGP/Alliance Global Partners is acting as the sole placement agent for the offering, the company noted.
Genprex is a clinical-stage gene therapy company focused on developing life-changing therapies for patients with cancer and diabetes.
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