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Pricing of public offering expected to raise $4.3 million for BioPharmX

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BioPharmX Corporation announced it anticipates gross proceeds of $4.3 million, before deducting commissions and underwriting discounts, from an underwritten public offering of 3.6 million shares of common stock, according to a press release.

The company permits to buy 1.8 million shares of common stock at a public offering price of $1.20 for one share and a warrant to buy 0.5 of a share of common stock. BioPharmX is also allowing the underwriters an option to purchase up to 324,000 additional shares or warrants to purchase up to an additional 162,000 shares of common stock for a 45-day period should there be any over-allotments.

The public offering will close on or around April 1. The warrants are exercisable immediately and have an expiration date of 5 years after issue.

The company plans to use the received net gross to fund research and development in dermatology, increase working capital and acquisitions or business investments and for technologies and products similar to what it designs.