Processa Pharmaceuticals Inc. (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 executed a securities purchase agreement. The agreement is intended to raise gross proceeds of $10.2 million through the sale of 1,321,132 shares. The shares will be sold at $7.75 per share through a private investment in public equity (“PIPE”) financing. In the announcement, the company reported that the financing attracted both institutional and accredited investors, with the private placement closing expected on or about Feb. 23, 2021. “We believe these additional resources position us to further advance our pipeline of drug candidates for those patients who need better treatment options in cancer and gastroparesis as well as patients who have no real FDA approved treatment for Necrobiosis Lipoidica (‘NL’),” said Processa CEO and chairman Dr. David Young in the press release. “We look forward to seeing the results from our interim analyses in the phase 1B PCS6422 study and the Phase 2B PCS499 study in the 2H 2021.”
To view the full press release, visit https://ibn.fm/sAh0T
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 uses these criteria for selection to further develop its pipeline programs to achieve high-value milestones effectively and efficiently. PCSA’s active clinical pipeline programs include PCS6422 (“PCS6422”) (metastatic colorectal cancer and breast cancer), PCS499 (“PCS499”) (ulcerative Necrobiosis Lipoidica) and PCS12852 (“PCS12852”) (gastroparesis). The markets of each indication are in excess of $1 billion each. The members of the Processa development team have been involved with more than 30 FDA drug approvals, 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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