Medicus Pharma (NASDAQ:MDCX) has announced the pricing of its $7 million public offering of 2.26 million shares on a “best-efforts” basis at $3.10 per unit.
Each unit includes one share and one warrant to purchase a share at an exercise price of $3.10, with the warrants expiring five years from the date of issuance and not trading on any securities exchange.
Medicus Pharma intends to use the net proceeds from the offering to fund its Phase 2 proof of concept clinical trial for the treatment of basal cell carcinoma using its doxorubicin tip-loaded dissolvable microarray needle skinpatch.
The company may also allocate funds to expand the trial into a study or to include other non-melanoma skin diseases.
Any remaining proceeds will be used for general corporate purposes and working capital.
The offering is expected to close on June 2.