Processa Pharmaceuticals prices 1.56M shares at $4.50 in public offering

Processa Pharmaceuticals announces the pricing of a public offering consisting of 1,555,555 shares of common stock and common warrants to purchase up to 1,555,555 shares of its common stock, at a combined public offering price per share of common stock and accompanying common warrant of $4.50. The common warrants will have an exercise price of $4.50 per share, will be immediately exercisable upon issuance and have a term of five years after their original issuance date. The gross proceeds from the offering, before deducting placement agent fees and other offering expenses payable by the Company, are expected to be $7.0 million. The offering is expected to close on or about January 30, 2024, subject to the satisfaction of customary closing conditions. H.C. Wainwright & Co., LLC is acting as the exclusive placement agent for the offering.