ContraVir Pharmaceuticals Inc (NASDAQ:CTRV), which happens to be one of the top and vibrant biopharmaceutical companies that majorly focus on the development and commercialization of targeted antiviral therapies, today moved ahead to make an announcement in regards to the pricing of an underwritten public offering of common stock and warrants set aside to make purchase of common stock.
Along this line is also the much anticipated gross proceeds of $12 million, and that is of course before the deduction of the underwriting commissions, discounts, and estimated offering expenses that are as a matter of fact payable through the ContraVir.
According to some reliable sources, ContraVir has been said to be offering about 12,000,000 shares of its common stock as well as warrants to buy almost 6,000,000 total shares of its common stock at a combined offering price of about $1.00.
ContraVir is at the moment all the warrants and shares as well. The warrants and shares of common stock are expected to be issued separately. The warrants might be exercisable commencing from the date of issuance over a time frame of five years from the date of issuance at an exercise price of $1.25 for every share.
Till now, there is not yet an established public trading market for the warrants and ContraVir is quite pessimistic over a new market arising in the future to come. The new offering according to sources may be closing on April 28, 2017 which will of course be subject to the various customary closing conditions. ContraVir may soon be using the net proceeds from the sale of the securities to in funding numerous development and research activities.
One of ContraVir’s insiders revealed that the company is at the moment serious, more than ever when it comes to the development as well as commercialization of the targeted antiviral therapies with some particular focus in coming up with a potentially curative therapy for hepatitis B virus (HBV).
The company looks forward to developing two novel anti-HBV compounds with some critical mechanisms of action. It might as a matter of fact take time, but what matters is that the future looks promising to the company as well as to the wide range of patients around the globe.
