Processa Pharmaceuticals Prices $7M Public Offering Of 28M Shares And Warrants At $0.25 Each

Processa Pharmaceuticals, Inc. (NASDAQ:PCSA) (the "Company"), a clinical-stage pharmaceutical company developing Next Generation Cancer (NGC) therapies, today announced the pricing of a public offering of 28,000,000 shares of common stock (or pre-funded warrants in lieu thereof), together with common warrants to purchase up to 28,000,000 shares of common stock at a combined public offering price of $0.25 per share (or pre-funded warrant in lieu thereof) and associated common warrant. The common warrants will have an exercise price of $0.25 per share, are exercisable upon issuance and will expire five years thereafter. The closing of the offering is expected to occur on or about June 18, 2025, subject to the satisfaction of customary closing conditions.  

H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering.

The gross proceeds to the Company from the offering are expected to be $7 million, before deducting the placement agent's fees and other offering expenses payable by the Company. The Company intends to use the net proceeds from this offering to continue the Phase 2 clinical trial for NCG-Cap, and for working capital and general corporate purposes.