Seneca Biopharma, Inc. (Nasdaq:SNCA), a clinical-stage biopharmaceutical company developing novel treatments for various diseases of high unmet medical need, today announced that it has entered into definitive agreements with several institutional and accredited investors for the purchase and sale of 5,000,000 shares of the Company's common stock, at a purchase price of $1.00 per share, in a registered direct offering priced at-the-market under Nasdaq rules. The closing of the offering is expected to occur on or about May 27, 2020, subject to the satisfaction of customary closing conditions.
The gross proceeds to the company are expected to be approximately $5 million, prior to deducting placement agent fees and estimated offering expenses. Seneca intends to use the net proceeds from the offering for general working capital.
H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.
About Seneca Biopharma, Inc.
Seneca Biopharma, Inc., is a clinical-stage biopharmaceutical company developing novel treatments for various diseases of high unmet medical need. The Company is in the process of transforming the organization through the acquisition or in-licensing of new science and technologies, to develop with the goal of providing meaningful therapies for patients.
