Biopharmx Corp files for offering of upto 80.95 million shares of common stock
We are offering 80,952,381 shares of our common stock and accompanying warrants to purchase an aggregate of shares of our common stock (and the shares of common stock that are issuable from time to time upon exercise of the warrants). Each share of common stock is being sold together with warrants, with each whole warrant being exercisable to purchase one share of our common stock. The warrants will have an exercise price of per share, will be exercisable immediately and will expire years from the date of issuance. The shares of common stock and warrants will be issued separately and will be immediately separable upon issuance.
Our common stock is listed on the NYSE American under the symbol "BPMX." On November 7, 2017 the last reported sale price of our common stock on the NYSE American was $0.21 per share.
The final public offering price will be determined through negotiation between us and the lead underwriters in the offering and the recent market price used throughout this prospectus will not be indicative of the final offering price. There is no established public trading market for the warrants, and we do not expect a market to develop. In addition, we do not intend to apply for a listing of the warrants on any national securities exchange.
We estimate that the net proceeds from this offering will be approximately $15.3 million, assuming a combined public offering price of $0.21 per common stock and accompanying warrant, which is the last reported sale price per share of our common stock on the NYSE American on November 7, 2017, after deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us and excluding the proceeds, if any, from the exercise of warrants issued in this offering. We expect to use the net proceeds from this offering to fund further clinical development of BPX04, as well as for ongoing expenses of our operations and for working capital and general corporate purposes. See "Use of Proceeds."
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