Corbus Pharmaceuticals Holdings Inc (NASDAQ:CRBP) has raised US$27.2mln from investors in a direct offering.
The drug developer sold 3.9mln shares at US$7 each; a 34% discount to Thursday’s market close.
Corbus will use the money to advance its JBT-101 fibrosis treatment, as well as to top up its working capital.
“We are pleased with the outcome of this financing which should fund the company through several important milestones across all of our four clinical programs,” said chief executive Yuval Cohen.
The company is now sitting on a cash pile of US$39.4mln which it reckons should see it through until the fourth quarter of 2018 based on current planned expenditure.
As well as JBT-101, Corbus has a couple of other candidates in clinical trials at the moment; a dermatomyositis treatment and a lupus candidate.
Shares opened higher at US$9.40 on Friday morning.
Story by ProactiveInvestors