Medicus Pharma (TSX-V:MDCX) announced the pricing of its US initial public offering (IPO), with 970,000 units priced at $4.125 per unit.
The pricing would raise approximately $4 million for the company if all units are sold.
Each unit will comprise one common share and one warrant, which are exercisable at $4.64 and have a five-year expiry.
The shares and warrants are expected to start trading on the Nasdaq on November 14, under "MDCX" and "MDCXW," respectively.
The company’s shares will also continue to trade on the TSXV under "MDCX."
The IPO is anticipated to close on November 15, 2024, pending customary conditions.
The proceeds of the IPO will support a Phase 2 clinical trial on Medicus Pharma (TSX-V:MDCX)’s dissolvable microarray needle skinpatch for basal cell carcinoma, with potential expansion to pivotal trials or studies on other non-melanoma skin cancers.
The remaining funds will cover corporate purposes and working capital.
Maxim Group LLC is acting as the lead bookrunner, with Brookline Capital Markets as co-manager.
The underwriters have a 45-day option to purchase up to 145,500 additional shares and/or warrants for over-allotments.