NEW YORK – Epigenetics diagnostics firm VolitionRx today priced its public offering of 4,365,000 shares of common stock at $2.75 per share.
The firm said it expects to receive gross proceeds, excluding the exercise of the over-allotment option, of $12 million.
In connection with the offering, which is expected to close on May 22, 2020, Volition has granted its underwriters a 30-day option to purchase up to an additional 654,750 shares at the same public offering price to cover overallotments, if any. Assuming the full exercise of the over-allotment option, gross proceeds from the offering would rise to about $13.8 million.
National Securities Corporation, a wholly owned subsidiary of National Holdings Corporation, is acting as the sole book-running manager, and the Benchmark Company and Maxim Group have served as financial advisors in the offering.
The company intends to use the net proceeds for continued development of its ELISA-based Nucleosomics platform via clinical studies. The funding will also support product commercialization, working capital, and other general corporate purposes, including potential strategic acquisitions.