Xeris Biopharma (NSDQ:XERS) announced today that it entered into a securities purchase agreement in connection with a private placement.
Chicago-based Xeris’ private placement with an affiliate of Armistice Capital, LLC, will provide aggregate gross proceeds totaling approximately $30 million.
The company will issue Armistice more than 10.2 million shares of its common stock at a purchase price of $2.93 per share, which represents the closing price on Dec. 31, 2021. Those shares will result in the approximately $30 million in proceeds for the developer of the XeriJect suspension-based formulation technology and the Gvoke (Ogluo in Europe) a ready-to-use pre-mixed, pre-measured glucagon injection.
Xeris will also issue warrants to purchase more than 5.1 million shares of common stock at an exercise price of $3.223 per share, resulting in proceeds reaching approximately $16.5 million if fully exercised.
According to a news release, the company expects to use the proceeds to support its operations, including for selling and marketing its commercial products, clinical trials, working capital and other general corporate purposes. Xeris expects the private placement to close on or around today, Jan. 3, 2022.