Pieris Pharmaceuticals (PIRS +0.5%) inks agreements with institutional investors for the private placement of 8,188,804 units at $2.105 per unit. Each unit consists of one share of common stock or non-voting Series A convertible preferred stock convertible into one share of common, 0.40 of a five-year warrant to purchase one share of common stock at $2.00 a share and 0.20 of a five-year warrant to purchase one share of common at $3.00 a share.
Each share of Series A convertible preferred stock, priced at $2,015, is convertible into 1,000 shares of common stock.
Net proceeds will fund the continued development of the company's Anticalin portfolio, the advancement of other programs and general corporate purposes. Closing date is June 8.