Aslan Pharmaceuticals announces $5M registered direct offering

Aslan Pharmaceuticals Ltd. announced that it has entered into a definitive agreement for the purchase and sale of 5M of the company’s American Depositary Shares, or ADSs, each ADS representing twenty-five ordinary shares, at an offering price of $1.00 per ADS in a registered direct offering. In addition, in a concurrent private placement, the company will issue unregistered warrants to purchase up to 5M ADSs. The warrants have an exercise price of $1.00 per ADS, will be exercisable upon issuance, and will expire five years following issuance. The closing of the offering is expected to occur on or about March 14, subject to the satisfaction of customary closing conditions. The gross proceeds to the company from this offering are expected to be $5M, before deducting the placement agent’s fees and other offering expenses. Aslan intends to use the net proceeds from this offering to fund new and other ongoing research and development activities, working capital and other general corporate purposes. H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.