Kitov Pharma up 21% on IPO-related warrant exercise

|About: Kitov Pharmaceuticals ... (KTOV)|By:, SA News Editor

Thinly traded nano cap Kitov Pharmaceuticals (KTOV +20.8%) is up on a whopping 44x surge in volume in apparent response to its filing of a prospectus for the sale of warrants issued in its November 2015 IPO. The company is set to issue 3,366,974 ADSs (each represents 20 ordinary shares) upon the exercise of the warrants at $4.13, generating over $13.9M for the company if fully executed. It will raise another $783K is the underwriters fully exercise their warrants at $4.956.

ADSs are currently exchanging hands at $4.45.

In December, the company reported successful results in a late-stage study of KIT-302 in lowering high blood pressure.

Previously: Kitov Pharma'a lead product candidate successful in late-stage study; shares jump 48% premarket (Dec. 15, 2015)

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