Apricus Bio to Float New Stock and Warrants

Apricus Biosciences is hoping to widen its capital base significantly. The company is floating a mix of common stock and warrants that it hopes will raise net proceeds of nearly $16 million. Six million shares will be sold in an underwritten public offering at $2.85 apiece, and 3 million warrants will be issued separately at an exercise price of $3.40 per share. 

Additionally, the company's underwriters have been granted a 30-day purchase option for up to an additional 900,000 shares and 450,000 warrants to cover over-allotments, if any. 

Apricus Bio said it plans to use the proceeds of the issue for capital expenditures, research and development activities, clinical trial costs, and "general corporate purposes."  

Lazard's Lazard Capital Markets is the sole book-running manager of the issue.

The article Apricus Bio to Float New Stock and Warrants originally appeared on Fool.com.

Fool contributor Eric Volkman has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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