Seelos Therapeutics Inc (SEEL)

[nbm16yankees]

New Financing!! Bah!!!


Unless I am missing something this new deal leaves a lot to be desired.. From the press release:

Apricus Biosciences (NASDAQ:APRI) enters into a common stock purchase agreement with Aspire Capital Fund LLC. Aspire purchased 1,159,824 shares for $2.0M when the contract was signed and has committed to purchase up to $20.0M of additional stock over the next 24 months based on market prices.
Apricus will issue 255,161 shares of common stock to Aspire as a commitment fee pursuant to the consummation of the agreement.

So that means the initial 1.1 million shares have an average purchase price of $1.72 when adding in the commitment fee of 255,161 "FREE" shares that brings the share price down to only $1.41.

Are we to see them selling these shares into the market and surpressing share price?

I may be completely off base....And then I think I saw something about a $100 million shelf registration. Boy,I think we are in trouble..
Please tell me we are going to be ok..