Panbela Therapeutics Prices $9 Mln Share Offering

(RTTNews) - Panbela Therapeutics, Inc. (PBLA), a company focused on urgent unmet medical needs, Monday announced the pricing of around $9 million public offering of shares and warrants.

The company has priced a public offering of 4,375,000 shares or pre-funded warrants in lieu thereof and two classes of warrants to purchase up to a total of 8,750,000 shares at a purchase price of $2.06 per share and associated warrants.

The warrants will have an exercise price of $2.06 per share, are exercisable upon issuance, and will expire five years following the date of issuance.

The gross proceeds from the offering, to be closed on or about January 31, are expected to be around $9 million.

"The company intends to use the net proceeds from the offering for the continued clinical development of its product candidates, working capital, business development, and other general corporate purposes, which may include repayment of the debt," Panbela said.

Roth Capital Partners is acting as the sole placement agent of the offering.

PBLA was trading down by 61.59 percent at $1.64 per share in the pre-market trade on the Nasdaq.