NAYA Biosciences To Raise $9.5 Mln Through Public Offering Of Units

(RTTNews) - NAYA Biosciences (NAYA), a life science company, Monday, announced that it has priced a public offering of around 13.6 million units at $0.70 per unit. Each unit consists of one share of common stock and one warrant to purchase one additional share of common stock at the same price of $0.70. The warrants are immediately exercisable and will expire five years from the original issuance date.

The company expects to raise gross proceeds of approximately $9.5 million.

NAYA intends to use the proceeds for several purposes, including a payment towards the acquisition of the Wisconsin Fertility Institute, redemption of Series C-2 preferred stock, settling outstanding debt obligations.

The closing of the offering is anticipated to occur on or about January 14.

NAYA is currently trading at $0.49, down 38.5 percent or $0.31 on the Nasdaq.