Seeking Alpha

Venaxis (APPY -5%) slips today after pricing its 10M shares and related warrants to purchase...

Venaxis (APPY -5%) slips today after pricing its 10M shares and related warrants to purchase 3.5M shares at a combined public price of $1.25 per share with an exercise price of $1.36. The offering is expected to close on May 30. Venaxis should realize approximately $11.1M in net proceeds from the sale, for which it intends to use primarily for funding of further clinical development and seeking FDA clearance for APPY1, as well as for initial commercialization of the drug in the U.S. and the E.U.
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