Aytu BioPharma, Inc. (NASDAQ:AYTU), a pharmaceutical company focused on developing and commercializing novel therapeutics, today announced the pricing of its equity offering co-led by Nantahala Capital Management and Stonepine Capital Management with participation by Armistice Capital of (i) 1,743,695 shares of its common stock, and, in lieu of common stock to certain investors that so chose, pre-funded warrants to purchase 430,217 shares of its common stock (“Pre-Funded Warrants”), and (ii) accompanying Tranche A and Tranche B warrants (the “Common Warrants”) to purchase 4,347,824 shares of its common stock priced at-the-market under Nasdaq rules (the “Offering”).
Gross proceeds, before deducting placement agent fees and other offering expenses, are expected to be approximately $4.0 million (assuming no exercise of the Common Warrants). The Offering is expected to close on June 13, 2023, subject to customary closing conditions.
The Company anticipates that the closing of the Offering will extend the interest only period on the Company’s $15 million senior secured loan facility with Avenue Venture Opportunities Fund, L.P. (the “Avenue Note”) through its maturity date in January 2025.
