Repros Thera enters $15.6M financing deal

Texas, USA-based Repros Therapeutics has entered into definitive agreements to sell an aggregate of 2.4 million shares of its common stock at a purchase price of $6.50 each, for an aggregate $15.6 million financing under its previously-announced shelf registration statement. The company intends to close all of the sales on October 3. As of September 29, excluding any proceeds from this offering, Repros had cash and equivalents of around $9.4 million.

The company plans to use the proceeds to fund its R&D activities, including the ongoing pivotal Phase III trials of its lead product candidate, Proellex, a selective blocker of the progesterone receptor, as a pre-surgical, short-course treatment of anemia associated with uterine fibroids and as a chronic treatment of uterine fibroids and endometriosis and for working capital and general corporate purposes.