Biopharmx Corp (NYSEMKT:BPMX) which happens to be a specialty pharmaceutical company focusing on the development of high end products for the dermatology market, has moved ahead to make an announcement about its entry into the securities purchase agreements with a number of the existing institutional investors to exact the sale and purchase of about 6,410,258 shares of common stock.
According to close sources, each share is expected to go at a price of about $0.78 per share with 50% warrant coverage in some direct registered offering. One of the top executives working with the provider has revealed that indeed the warrants will be exercisable at an exercise price of $0.90 per share which is expected to kick start in about six months following the closing date .they are set in such a way that they will reach the expiry date in within a five years duration right from the date they become exercisable.
The net proceeds resulting from the offering according to sources may be put into use towards the advancement of the BioPharmX dermatology-focused drug delivery and clinical programs, and that of course moves ahead to cover the advancement of the provider’s top and trusted product BPX-01,and the wide array of the general corporate purposes.
The company has revealed that the offering may be coming to a close on April 28, 2017, but of course that will be subject to the various customary closing conditions.
In a number of the board meetings the company has held recently, the dermatology market has been quite wanting and there was need to do everything possible to come up with better solutions.
A lot of the board members agreed upon the matter that it was indeed a prudent move directing resources to the research field in the quest to develop products that would help deal with both the existing and the rising conditions. The company looks forward to brighter days ahead in terms of the major expansions to be implemented as well as the rising to become an industry leader providing high end products. Time will definitely tell.
