Kiora Pharmaceuticals (NASDAQ: KPRX) stock skyrocketed almost 54% on Thursday after announcing a $45 million private placement.
In a recent press release, Kiora Pharmaceuticals (KPRX) announced a financial agreement with institutional investors specializing in healthcare. The agreement involves the sale of securities to these investors, with a total value reaching up to $45 million.
The initial phase of the investment secures $15 million for the company via the transaction of 27.15 million KPRX shares. The balance, $30 million, is contingent upon the investors’ decision to exercise warrants, which are part of the securities purchase agreement, for an additional 49.37 million shares.
Kiora Pharmaceuticals welcomes new investors such as ADAR1 Capital Management, Nantahala Capital Management, Rosalind Advisors, Stonepine Capital Management, Velan Capital, and others in the current financing round.
Regarding the agreement, Brian Strem, Kiora Pharmaceuticals’ President and CEO, stated:
“The significantly strengthened balance provides us with flexibility to fully-fund KIO-104 for the treatment of non-infectious uveitis and potentially other rare inflammatory indications in the back of the eye.”
Kiora (NASDAQ: KPRX) Stock Reaction
KPRX stock soared 53.87% on Thursday. The traders had exchanged hands with 74,416,893 (74.41 million) shares compared to the average daily trading volume of 177.56K.
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