Trovagene announces $7.1M registered direct offering
Trovagene announced it has entered into a securities purchase agreement with certain accredited investors to purchase approximately $7.1M of its common stock in a registered direct offering. Under the terms of the purchase agreement, Trovagene has agreed to sell 6,191,500 shares of its common stock. In a concurrent private placement, Trovagene has agreed to issue warrants to purchase up to 4,643,626 shares of its common stock. The warrants will be exercisable six months following the date of issuance, will expire on the fifth anniversary of the initial exercise date and have an exercise price of $1.41 per share. The combined purchase price for one registered share of common stock and one unregistered warrant to purchase 0.75 of an unregistered share of common stock will be $1.15. The gross proceeds to Trovagene from the registered direct offering and concurrent private placement are estimated to be approximately $7.1M before deducting the placement agent's fees and other estimated offering expenses. The registered direct offering and concurrent private placement are expected to close on or about July 19, 2017, subject to the satisfaction of customary closing conditions. Maxim Group is acting as sole placement agent for the offering.