Processa Pharmaceuticals (NASDAQ: PCSA), a clinical-stage pharmaceutical company focused on developing the next generation of chemotherapeutic drugs to improve the efficacy and safety for more patients suffering from cancer, has closed on its previously announced public offering. The offering, which closed on Jan. 30, 2024, was comprised of 1,555,555 shares of common stock (or prefunded warrants in lieu thereof) along with common warrants to purchase up to 1,555,555 shares of its common stock. The combined public offering price per share of common stock (or prefunded warrants in lieu thereof) and accompanying common warrant was $4.50. H.C. Wainwright & Co. LLC was the exclusive placement agent for the offering. “The common warrants have an exercise price of $4.50 per share, are immediately exercisable upon issuance and have a term of five years after their original issuance date,” stated the company in the press release. “The gross proceeds from the offering, before deducting placement agent fees and other offering expenses payable by the company, were $7 million (excluding any proceeds that may be received upon the exercise of the common warrants).”
To view the full press release, visit https://ibn.fm/r5XVe
About Processa Pharmaceuticals Inc.
Processa is a clinical-stage pharmaceutical company focused on developing next-generation chemotherapy (“NGC”) drugs to improve the safety and efficacy of cancer treatment. By combining Processa’s novel oncology pipeline with proven cancer-killing active molecules and Processa’s Regulatory Science Approach as well as experience in defining optimal dosage regimens for FDA approvals, the company not only will be providing better therapy options to cancer patients but will also increase the probability of FDA approval for its next-generation chemotherapy drugs following an efficient path to approval. The company’s approach to drug development, based on more than 30 years of drug-development experience, uses its proven Regulatory Science Approach, including the determination of the Optimal Dosage Regimen using the principles of the FDA’s Project Optimus Oncology Initiative. Processa’s NGC drugs are modifications of existing FDA-approved oncology drugs resulting in an alteration of the metabolism and/or distribution of these FDA-approved drugs while maintaining the existing mechanisms of killing the cancer cells. The advantages of Processa’s NGC drugs are expected to include fewer patients experiencing side effects that lead to dose discontinuation; more significant cancer response; and a greater number of patients — more than 250,000 patients treated each year for each drug —who will benefit from each NGC drug. Currently under development are three next-generation chemotherapy oncology treatments: Next Generation Capecitabine (PCS6422 and capecitabine to treat breast, metastatic colorectal, gastrointestinal, gastrointestinal, pancreatic and other cancers), Next Generation Gemcitabine (PCS3117 to treat pancreatic, lung, ovarian, breast and other cancers), and Next Generation Irinotecan (PCS11T to treat lung, colorectal, gastrointestinal, pancreatic and other cancers). 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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