Advancis Pharma raises $27M

Advancis Pharmaceutical, a US company focused on developing and commercializing novel anti-infective products, says that it has entered into definitive purchase agreements for the private placement of 6.8 million shares of common stock, raising $27.25 million in gross proceeds.

The newly-issued shares are priced at $3.98 each, equal to the stock on April 25. On the closing of this financing, expected to be on or about April 29, investors in the private placement will also receive five-year warrants to purchase approximately 2.4 million shares at an exercise price of $4.78 per share.

The company intends to use the proceeds to complete its ongoing Phase III trials and prepare for the potential commercial launch of Amoxicillin PULSYS, continue its product development initiatives of its other pulsatile product candidates and for working capital and general corporate purposes.