Trovagene nets $6.7 million in private placement
July 19, 2017 – SAN DIEGO. Trovagene, Inc., a precision medicine biotechnology company, today announced it has entered into a securities purchase agreement with certain accredited investors to purchase approximately $7.1 million of its common stock in a registered direct offering.
Under the terms of the purchase agreement, Trovagene has agreed to sell 6,191,500 shares of its common stock. In a concurrent private placement, Trovagene has agreed to issue warrants to purchase up to 4,643,626 shares of its common stock. The warrants will be exercisable six months following the date of issuance, will expire on the fifth anniversary of the initial exercise date and have an exercise price of $1.41 per share. The combined purchase price for one registered share of common stock and one unregistered warrant to purchase 0.75 of an unregistered share of common stock will be $1.15. The gross proceeds to Trovagene from the registered direct offering and concurrent private placement are estimated to be approximately $7.1 million before deducting the placement agent’s fees and other estimated offering expenses.
Trovagene is a precision medicine biotechnology company developing oncology therapeutics for improved cancer care by leveraging its proprietary Precision Cancer Monitoring® (PCM) technology in tumor genomics. Trovagene has broad intellectual property and proprietary technology to measure circulating tumor DNA (ctDNA) in urine and blood to identify and quantify clinically actionable markers for predicting response to cancer therapies. Trovagene offers its PCM technology at its CLIA/CAP – accredited laboratory and plans to continue to vertically integrate its PCM technology with precision cancer therapeutics.
Source: Trovagene, Inc