PainReform (NSDQ:PRFX) announced today that it entered into securities purchase agreements to raise approximately $6 million.
Herzliya, Israel-based PainReform entered into the agreements with certain institutional investors to raise the $6 million through the private placement of more than 1.3 million ordinary shares and accompanying warrants to purchase up to 652,173 ordinary shares at a combined purchase price of $4.60 per share and accompanying warrant, according to a news release.
Warrants in the private placement will be exercisable immediately at an exercise price of $4.60 per share and will expire five-and-a-half years from the date of issuance.
PainReform expects to close the private placement on March 10, subject to closing conditions. Maxim Group LLC is the lead placement agent and Joseph Gunnar & Co., LLC is acting as a co-placement agent for the transaction.
The company develops PRF-110, which is based on the local anesthetic ropivacaine and targets the post-operative pain relief market. The oil-based, viscous, clear solution is delivered directly into the surgical wound bed prior to closure to provide localized and extended post-operative analgesia.
PainReform’s proprietary extended-release drug delivery system is designed to offer an extended period of post-surgical pain relief without the need for repeated doses while also reducing a potential need for the use of opiates.