SAN MATEO, Calif. and SINGAPORE - ASLAN Pharmaceuticals Ltd. (NASDAQ:ASLN), a biopharmaceutical company specializing in immunology, has announced a registered direct offering and concurrent private placement of securities intended to raise $5 million in gross proceeds.
The company plans to sell 5 million American Depositary Shares (ADSs) at $1.00 each. Simultaneously, it will issue warrants to purchase an equal number of ADSs, also at $1.00 per ADS, exercisable immediately and expiring in five years.
The closing of the offering is scheduled for around March 14, 2024, subject to standard closing conditions. H.C. Wainwright & Co. is the exclusive placement agent for the transaction. The net proceeds from the offering will go towards funding research and development activities, working capital, and other general corporate expenses.
ASLAN's ADSs are being offered under a shelf registration statement declared effective by the Securities and Exchange Commission (SEC) on April 6, 2023. The warrants and the ADSs underlying them, however, are issued in a private placement and are not registered under the Securities Act or state securities laws, thus they cannot be sold in the U.S. without registration or an exemption.
The company is currently developing eblasakimab, a potential first-in-class antibody for treating moderate-to-severe atopic dermatitis, and farudodstat, a potential first-in-class treatment for alopecia areata, with interim trial results expected in mid-2024.
This financial move comes as part of ASLAN's strategy to advance its clinical programs and support its growth initiatives. The information disclosed in this report is based on a press release statement from ASLAN Pharmaceuticals.
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