Kiora Pharmaceuticals (NASDAQ:KPRX) stock is heading higher on Thursday after the clinical-stage specialty pharmaceutical company announced a $45 million private placement.
According to a press release from Kiora Pharmaceuticals, the company has entered into a financing agreement with healthcare-focused institutional investors. That has it selling these investors securities worth up to $45 million.
The upfront portion of that investment brings $15 million to the company with the sale of 27.15 million shares of KPRX. The remaining $30 million will come if those investors decide to exercise warrants included in the securities purchase agreement for another 49.37 million shares.
Kiora Pharmaceuticals notes that several new healthcare investors took part in this financing. That includes ADAR1 Capital Management, Nantahala Capital Management, Rosalind Advisors, Stonepine Capital Management, Velan Capital and others.
Brian Strem, President and CEO of Kiora Pharmaceuticals, said this about the agreement:
“The significantly strengthened balance provides us with flexibility to fully-fund KIO-104 for the treatment of non-infectious uveitis and potentially other rare inflammatory indications in the back of the eye.”
How This Affects KPRX Stock
Investors are celebrating today’s news with heavy trading of KPRX stock on Thursday. That has more than 11.8 million shares being traded as of this writing. That’s already a strong increase over its daily average trading volume of about 122,000 shares.
KPRX stock is up 39.1% as of Thursday morning.
Investors looking for more of the most recent stock market stories are in luck!
We have all of the hottest stock market news traders need to know about on Thursday! Among that is what’s happening with Elevai Labs (NASDAQ:ELAB) stock, the biggest pre-market stock movers this morning and more. You can catch up on these matters at the following links!
More Stock Market News for Thursday
- Why Is Elevai Labs (ELAB) Stock Up 57% Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Thursday
- Plug Power Continues to Squeeze Higher After Roth/MKM Upgrade
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
