Medicus Pharma, based in Philadelphia, closed on its previously announced initial public offering of 970,000 units, at a price of $4.125 per unit, with each unit consisting of one common share of the company and one warrant to purchase one common share.
The warrants have an exercise price of $4.64 per share and will expire five years from the date of issuance.
The common shares and the warrants commenced trading on The Nasdaq Capital Market under the symbols “MDCX” and “MDCXW,” respectively, on Nov. 14. Also, the common shares will continue to trade on the TSX Venture Exchange under the symbol “MDCX.” In addition, the warrants will not trade on the TSXV.
The company intends to use the net proceeds from the offering to fund its Phase 2 proof of concept clinical trial for treatment of basal cell carcinoma using its doxorubicin tip loaded dissolvable microarray needle skinpatch.
Further, the company may also use the net proceeds of the offering to expand its exploratory phase 2 clinical trial to a pivotal trial and/or to expand its trials to cover other non-melanoma skin diseases. The company will use any remaining net proceeds for general corporate purposes and working capital.
Maxim Group acted as the sole book-running manager for the offering and Brookline Capital Markets, a division of Arcadia Securities, served as co-manager.
This offering will only be made by means of a prospectus. Copies of the final prospectus relating to the offering may be obtained from Maxim Group, 300 Park Avenue, 16th Floor, New York, NY 10022, Attention: Syndicate Department, by telephone at (212) 895-3745, or by email at syndicate@maximgrp.com.