Health and Healthcare

BioPharmX Prices Secondary Offering

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BioPharmX Corp. (NYSEMKT: BPMX) saw its shares take a sharp downward turn following the announcement of a secondary offering. The company announced the pricing of an underwritten public offering of 3.6 million shares of common stock and warrants to purchase 1.8 million shares of common stock with a public offering price of $1.20 for one share of common stock and a warrant to purchase 0.5 of a share of common stock.

The warrants have an exercise price of $1.20 per share, are exercisable immediately and will expire five years from the date of issuance.

The underwriters for the offering are Maxim, CRT Capital, and Rodman & Renshaw.

The company has also granted the underwriters a 45-day overallotment option to purchase up to an additional 324,000 shares of common stock or warrants to purchase up to an additional 162,000 shares of common stock to cover overallotments, if any.

BioPharmX is a Silicon Valley-based specialty pharmaceutical company that seeks to provide products through proprietary platform technologies for prescription, over-the-counter and supplement applications in the health and wellness markets, including dermatology and women’s health.

The company expects to receive gross proceeds of approximately $4.3 million, before deducting underwriting discounts and commissions and other estimated offering expenses.

Shares of BioPharmX were last seen trading down nearly 29% at $1.05, with a consensus analyst price target of $3.50 and a 52-week trading range of $0.91 $4.50.

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