TRACON Pharmaceuticals Announces $5.0 Million Private Placement

SAN DIEGO, Aug. 27, 2020 (GLOBE NEWSWIRE) -- TRACON Pharmaceuticals (NASDAQ: TCON), a clinical stage biopharmaceutical company focused on the development and commercialization of novel targeted cancer therapeutics and utilizing a cost efficient, CRO-independent product development platform to partner with ex-U.S. companies to develop and commercialize innovative products in the U.S., today announced that it has entered into a definitive securities purchase agreement with an institutional health care focused fund to raise aggregate gross proceeds of approximately $5.0 million through a private placement of its common stock and pre-funded warrants. The closing of the private placement is expected to occur on or about August 27, 2020. TRACON will sell approximately 3.1 million shares of common stock, or in lieu of common stock, pre-funded warrants to purchase common stock, for aggregate gross proceeds of approximately $5.0 million. The purchase price of each share of common stock (or pre-funded warrant) is approximately $1.64. The pre-funded warrants will have a per share exercise price of $0.01 and will expire seven years from the date of issuance. TRACON intends to use the net proceeds from the private placement to conduct the ENVASARC pivotal study of envafolimab in sarcoma and for working capital and general To keep reading about TRACON Pharmaceuticals Announces $5.0 Million Private Placement, Click on the link. Seoul, Korea
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