News
James B. Bell
- January 26, 2024
Shares of Processa Pharmaceuticals experienced a significant decline on Friday following the pricing of their public offering. The stock was down 24% at $3.87 during morning trading, although it remained above the 52-week low it had reached earlier in the week. Overall, shares have fallen almost 40% since the beginning of the year.
Based in Hanover, Maryland, Processa Pharmaceuticals is a company focused on the development of chemotherapy drugs. They announced on Friday that their public offering would consist of 1.56 million common shares and common warrants. The combined price for these shares and warrants is set at $4.50. Additionally, the warrants will have an exercise price of $4.50 per share, and the company anticipates receiving $7 million in gross proceeds.
In the past week, Processa's shares have experienced significant fluctuations. On Thursday, the stock more than doubled after the company announced the completion of a safety tolerability evaluation for a potential cancer treatment. However, on Monday, shares had slumped due to the announcement of the company's plan for a public offering.
Processa Pharmaceuticals is a Hanover, Maryland-based biopharmaceutical company specializing in the development of innovative chemotherapy drugs. They are committed to providing effective treatment options for cancer patients.
Stock Performance and Public Offering
Following the pricing of Processa Pharmaceuticals' public offering, their shares witnessed a sharp decline. During morning trading, the stock was down 24% at $3.87, although it still remained above the recent 52-week low. The drop in shares resulted in an overall decrease of nearly 40% since the start of the year.
Details of the Public Offering
Processa Pharmaceuticals announced that their public offering will include 1.56 million common shares accompanied by common warrants to purchase an equal number of shares. The combined price for both the shares and warrants has been set at $4.50. The warrants will also have an exercise price of $4.50 per share. Overall, the company expects to generate $7 million in gross proceeds from this offering.
Volatile Stock Movements
Processa Pharmaceuticals' shares have experienced significant volatility in the past week. On Thursday, the stock surged by over 100% after the company shared positive news regarding the completion of a safety tolerability evaluation for a potential cancer treatment. However, earlier in the week, shares plummeted following the announcement of the company's plans for a public offering.
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