Intel stock extends gains after report of possible U.S. government stake
PHILADELPHIA - Medicus Pharma Ltd. (NASDAQ: MDCX), a biotech company with a current market capitalization of $29.9 million, has finalized its public offering, raising $7 million through the sale of 2,260,000 units at $3.10 each. The stock, which according to InvestingPro data has declined 65% in the past week, now trades at $2.56 per share. This offering included common shares and warrants, with the latter exercisable at the same price of $3.10 and valid for five years.
Maxim Group LLC was the lead placement agent, with Brookline Capital Markets and D. Boral Capital serving as co-placement agents. The proceeds are earmarked for the advancement of Medicus Pharma’s clinical trials, specifically the Phase 2 trial for a basal cell carcinoma treatment using a novel skin patch technology. Despite recent stock volatility, analysts tracked by InvestingPro maintain price targets ranging from $5.61 to $27.00, suggesting potential upside from current levels. Additional funds may support the expansion of this trial or other non-melanoma skin disease studies, with any remaining capital allocated for general corporate purposes.
Medicus Pharma’s subsidiary, SkinJect Inc., is developing the skin patch treatment, which has completed a Phase 1 safety study. The company is also engaged in a multicenter clinical study in the United States, Europe, and the UAE.
In related news, Medicus Pharma announced a letter of intent to acquire UK-based Antev Ltd., which is developing a treatment for cardiovascular risks in prostate cancer patients. This transaction is contingent upon due diligence, regulatory approvals, and the negotiation of definitive agreements.
The company’s forward-looking statements suggest potential use of the offering’s net proceeds and the anticipated benefits of the Antev acquisition. However, these statements are subject to known and unknown risks that could affect the company’s future performance and financial results. InvestingPro analysis indicates a weak overall financial health score of 1.64, with additional insights available to subscribers, including 6 key ProTips about the company’s performance and valuation metrics.
The common shares of Medicus Pharma are listed on the Nasdaq Capital Market under the ticker "MDCX," while the warrants will not be traded on any exchange. This press release, based on a press release statement, does not constitute an offer to sell or a solicitation of an offer to buy securities in any jurisdiction where such an offer would be unlawful.
In other recent news, Medicus Pharma Ltd. has seen a significant development with its acquisition plans. The company announced its intention to acquire Antev Ltd., a UK-based drug developer, with a deal valuing Antev at approximately $75 million. This acquisition is set to bring the drug Teverelix into Medicus Pharma’s portfolio, targeting a substantial market opportunity. In light of this acquisition, Boral Capital has increased Medicus Pharma’s stock target from $14.00 to $27.00, maintaining a Buy rating on the stock. This move is seen as a strategic expansion of Medicus Pharma’s pipeline, potentially enhancing its near-commercial portfolio. Additionally, Medicus Pharma has expanded its phase 2 clinical trial for a basal cell carcinoma treatment, increasing patient enrollment and extending the study to new sites in the U.S. and Europe. The company also recently canceled its previously scheduled shareholder meeting, without providing further details on the reasons or rescheduling. However, Medicus Pharma has announced a new date for its annual meeting of shareholders, set for May 22, 2025, with a record date of April 22, 2025. These developments reflect ongoing strategic and operational activities within Medicus Pharma.
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