Regenerx Biopharma (RGN) Slumps as $4.7M Offering Announced
Shares of Regenerx Biopharma (AMEX: RGN) are getting slammed today, currently down more that 24% on news of an offering:
Entered into a securities purchase agreement with new institutional investors for the sale of 4,512,195 shares of its common stock in a registered direct offering at $0.82 per share. In addition, warrants to purchase 2,256,098 shares of common stock will be issued to the investors. The warrants are immediately exercisable, have a term of 5 years and an exercise price of $1.12 per share. Gross proceeds of the offering, before deducting placement agent fees and other estimated offering expenses payable by RegeneRx, are expected to be approximately $3.7 million. These securities are being offered through a prospectus supplement pursuant to the Company's effective shelf registration statement.
Roth Capital Partners and Boenning & Scattergood served as the placement agents for the offering.
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