Purple Biotech Announces $2.8 Mln ADS Offering, Pre-Market Stock Down Over 28%

(RTTNews) - Purple Biotech Ltd. (PPBT), a drug maker focused on tumor immune evasion and drug resistance, on Tuesday announced a registered direct offering of 472,668 of American Depositary Shares or ADSs at $6 per ADS. Each ADS represents 200 shares.

The gross proceeds from the offering, to be closed on or about December 4, are expected to be around $2.8 million.

Purple Biotech intends to use the net proceeds to fund the development of its oncology therapeutic candidates, and for general working capital and corporate purposes. PPBT was down by 28.57 percent at $6 in the pre-market trade on the Nasdaq.