Processa Pharmaceuticals (NASDAQ: PCSA), a clinical-stage biopharmaceutical company developing products to improve the survival and/or quality of life for patients who have unmet medical needs, has closed its previously announced private placement to institutional and accredited investors. According to the update, the company sold 1,321,132 shares of its common stock at a purchase price of $7.75 per share for $10.2 million in the private placement. Processa Pharmaceuticals secured net proceeds of $9.9 million, which will enable the company to be funded through 2023 and either expand the clinical development of PCS6422 or conduct enabling toxicology studies to advance PCS11T. “We are grateful for the support from our investors. This financing will not only strengthen our balance sheet but will allow us to further develop one of our cancer treatment drugs, PCS6422 or PCS11T,” said David Young, Pharm.D., Ph.D., chairman and CEO of Processa Pharmaceuticals. “We anticipate that these two drugs will prove to be better than many of the present treatments in patients with colorectal cancer, breast cancer, pancreatic cancer or lung cancer.”
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About Processa Pharmaceuticals Inc.
The mission of Processa is to develop products with existing clinical evidence of efficacy for patients with unmet or underserved medical conditions who need treatment options that improve survival and/or quality of life. The company used these criteria for selection to further develop its pipeline programs to achieve high-value milestones effectively and efficiently. Active pipeline programs include: PCS6422 (metastatic colorectal cancer and breast cancer), PCS499 (ulcerative necrobiosis lipoidica) and PCS12852 (GI motility/gastroparesis). The members of the Processa development team have been involved with more than 30 drug approvals by the FDA (including drug products targeted to orphan disease conditions) and more than 100 FDA meetings throughout their careers. For more information, visit the company’s website at www.ProcessaPharma.com.
NOTE TO INVESTORS: The latest news and updates relating to PCSA are available in the company’s newsroom at https://ibn.fm/PCSA
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