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news.Pieris Pharmaceuticals announced closing of the private placement consisting of 8,188,804 units at a price of $2.015 per unit, for total gross proceeds of approximately $16.5 million, before deducting placement agent fees and offering expenses.
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Each unit consists of (i) one share of Pieris’ common stock or non-voting series A convertible preferred stock convertible into one share of common stock, (ii) 0.40 warrants to purchase one share of common stock at an exercise price of $2.00 per share and (iii) 0.20 warrants to purchase one share of common stock at an exercise price of $3.00 per share.
Each share of non-voting series A convertible preferred stock is priced at $2,015 per share, and is convertible into 1,000 shares of Pieris common stock, provided that conversion will be prohibited if, as a result, the holder and its affiliates would own more than 9.99% of the total number of shares of Pieris common stock then outstanding. The warrants are exercisable for a period of five years from the date of issuance.
The financing was led by BVF Partners L.P. and its affiliates and included a select group of new and existing institutional investors. Cowen and Company acted as lead placement agent for the transaction, Oppenheimer & Co. and Trout Capital acted as co-placement agents and Roth Capital Partners acted as financial advisor to the Company.
Pieris expects to use the proceeds from the financing towards further development and pre-clinical and clinical work of the Company’s proprietary Anticalin product portfolio, including product candidates PRS-080, PRS-060 and PRS-343 programs, as well as the development of other programs and product candidates, and general corporate purposes.