Actinium Pharmaceuticals on Wednesday announced the pricing of its previously announced public offering with gross proceeds expected to be approximately $25.0 million.
Actinium said in the press release there are 76,923,077 shares of its common stock (or common stock equivalents in lieu thereof) at a price to the public of $0.325 per share of common stock (or common stock equivalent). The aggregate gross proceeds from this offering are expected to be approximately $25.0 million, before deducting placement agent fees and other estimated offering expenses payable by Actinium, it said. The offering is expected to close on or about June 19, 2020, subject to satisfaction of customary closing conditions.
Actinium said it plans to use the net proceeds from the offering to complete its ongoing pivotal, Phase 3 SIERRA trial for its lead product candidate, Iomab-B, prepare and submit a Biologics License Application (“BLA”) to the U.S. Food and Drug Administration (“FDA”) and Marketing Authorization Application (“MAA”) to the European Medicines Agency (“EMA”) as well as commercialization activities for Iomab-B in the United States. Net proceeds from this offering will also be used to progress Phase 1 trials for its refocused CD33 program to the proof of concept stage, to support its AWE Technology Platform, Iomab-ACT program, research and development and for general working capital needs.