Trovagene (NSDQ:TROV) said today that it inked a deal with unnamed investors to sell approximately $7.1 million of its common stock.
According to the deal, Trovagene plans to sell 6,191,500 shares of common stock. In a concurrent private placement, the biotech said it will issue warrants to buy up to 4,643,626 shares of common stock.
The warrants can be exercised 6 months following issuance, Trovagene said, with an exercise price of $1.41 per share.
The registered direct offering and private placement are slated to close on July 19.
Maxim Group LLC is the sole placement agent for the offering.
Trovagene is developing cancer drugs using its proprietary precision cancer monitoring tech. The company measures circulating tumor DNA in a patient’s urine and blood samples to identify and quantify markers in an effort to predict response to cancer therapies.
