SciSparc (OTCQB:SPRCY), formerly Therapix Biosciences, announced today that it closed a private placement worth $8.15 million.
Tel Aviv, Israel-based SciSparc sold nearly 1.2 million units in the offering, with 916,316 units (consisting of 1 American Depositary Share, one Series A warrant to purchase an equal number of units purchased and one Series B warrant to purchase half the number of units) sold at an offering price of $7.07 per unit.
Additionally, the offering included 236,312 pre-funded units at $7.069 per unit. The Series A warrants have an exercise price of $7.07, while the Series B warrants are priced at $10.60. Both are exercisable six months from the date of issuance and have a term of exercise equal to five years from the initial exercise date.
Aegis Capital acted as the exclusive placement agent in the U.S. in connection with the offering.
SciSparc develops cannabinoid pharmaceuticals with a focus on treatments for Tourette syndrome, obstructive sleep apnea, pain management, autism spectrum disorder and epilepsy. The drugs can be delivered through a nasal delivery platform the company sub-licensed through a deal with Yissum in 2017.