Axsome Therapeutics Inc (AXSM)

[chainma1l]

That was pretty painless for shareholders. Maybe not for the people who just bought at $5.32, but I think they'll be fine in a few weeks.
OS still under 25 million and good until almost 2020.
Just need some encouraging results and I think shareholders are in great shape.

NEW YORK, Dec. 06, 2017 (GLOBE NEWSWIRE) -- Axsome Therapeutics, Inc. (AXSM), a clinical-stage biopharmaceutical company developing novel therapies for the management of central nervous system (CNS) disorders, today announced the closing of its previously announced registered direct offering. Pursuant to definitive purchase agreements entered into with certain institutional accredited investors in a registered direct offering priced at-the-market, Axsome sold 1,783,587 shares of its common stock and warrants to purchase up to an aggregate of 1,783,587 shares of its common stock at a combined purchase price of $5.325 per share and related warrant.

The gross proceeds of the offering were approximately $9.5 million. Axsome intends to use the net proceeds from this offering to fund the clinical development of its next product candidate, AXS-07, its ongoing clinical programs, and for working capital and general corporate purposes.

Axsome believes that the net proceeds from this offering, together with its previous existing cash, will be sufficient to fund the company’s anticipated operations, based on its current operating plans, into the fourth quarter of 2019.

The warrants have an exercise price of $5.25 per share, a term of 53 weeks and are immediately exercisable on the date of issuance. The offering closed on December 4, 2017.