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Ampio Pharmaceuticals Inc (NYSE:AMPE) tumbled in early Monday markets, on word it will offer up to $12 Million of its common stock in public offering.
Ampio has entered into purchase agreements for the purchase of an aggregate 25,320,000 common shares of the Company at an offering price of $0.40 per Common Share for aggregate gross proceeds of $10.1 million, before placement agent fees and other offering expenses.
Ampio anticipates an additional 4,680,000 shares of its Common Stock will be sold at the same price at the close of the offering.The offering is expected to close on or about June 19.
The Company intends to use the net proceeds from this offering for the full cost of its AP-013 clinical trial pursuant to its recently announced Special Protocol Assessment and other general corporate purposes.
ThinkEquity, a division of Fordham Financial Management, Inc., is acting as the exclusive placement agent for this transaction.
Based in Englewood, Coloroda, Ampio is a development stage biopharmaceutical company primarily focused on the development of Ampion, our product candidate, to treat prevalent inflammatory conditions for which there are limited treatment options.
AMPE shares hurtled lower by 23 cents, or 33.3%, to 47 cents early Monday.
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