Medexus Pharmaceuticals Announces Closing of $30 Million Overnight Marketed Public Offering of Common Shares
Summary
Toronto, Ontario and Chicago, Illinois--(Newsfile Corp. - January 31, 2025) - Medexus Pharmaceuticals Inc. (TSX: MDP) ("Medexus" or the "Company"), is pleased to announce the closing of its previously announced overnight marketed underwritten offering (the "Offering") of 7,500,000 common shares of the Company (the "Common Shares") at a public offering price of $4.00 per Common Share for aggregate gross proceeds to the Company of $30,000,000.The Offering was completed pursuant to an underwriting agreement dated January 28, 2025 between Medexus and Raymond James Ltd., as lead underwriter and sole bookrunner, on behalf of a syndicate of underwriters, which included Research Capital Corporation, A.G.P. Canada Investments ULC, Bloom Burton Securities Inc., Canaccord Genuity Corp., and Leede Financial Inc.The Company expects that the net proceeds of the Offering will be used: (i) to repay a US$2.5 million credit received from medac in September 2021 and pay a portion of the milestone payment amount to medac, and (ii) for working capital and general corporate purposes, which may include funding the Companys ongoing business development activities and initiatives.The Common Shares were offered in each of the provinces and territories of Canada, other than Qu\xe9bec, pursuant to a prospectus supplement (the "Prospectus Supplement") dated January 28, 2025 filed under Medexus short form base shelf prospectus dated November 15, 2024. Medexus current focus is on the therapeutic areas of oncology, hematology, rheumatology, auto-immune diseases, allergy, and dermatology. Since forward-looking statements relate to future events and conditions, by their very nature they require making assumptions and involve inherent risks and uncertainties. Other than as specifically required by law, the Company undertakes no obligation to update any forward-looking statements to reflect new information, subsequent or otherwise.