BioPharmX inks $5M capital raise with institutional investors; shares ease 6%

|About: BioPharmX Corporation (BPMX)|By:, SA News Editor

BioPharmX (BPMX -5.5%) is down on increased volume in response to its direct placement of 6,410,258 shares of common stock with 50% warrant coverage with institutional investors.

The stock was sold at $0.78. The five-year warrants to purchase up to 3,205,129 common shares are exercisable at $0.90.

Net proceeds will fund pipeline development and general corporate purposes.

Yesterday's close was $0.755.