BioHarvest Sciences Inc. (NASDAQ:BHST), a company developing its patented Botanical Synthesis technology platform, said on Monday it has completed an underwritten public offering of 2.85 million shares of common stock at $7 per share, generating gross proceeds of $19.9 million.
The company said it plans to use the net proceeds for manufacturing expansion, research and development, marketing, debt reduction or refinancing, other capital expenditures, and general corporate purposes, including working capital.
“This transaction fully funds near-term CapEx needs, giving us the strength and flexibility to accelerate growth across both our Product and CDMO Services businesses, and welcomes a new group of US institutional investors into the BioHarvest shareholder community,” CEO Ilan Sobel said in a statement.
Sobel added that the company will provide updates on strategic initiatives during its third-quarter earnings call on November 13.