Zynerba Pharmaceuticals disclosed on Friday in a filing with U.S. regulators that it has entered into an open market sale agreement with Jefferies Inc. for the sale of up to $30 million shares of the company’s common stock.
Jefferies may offer shares from time to time by methods deemed to be an “at-the-market-offering.”
The company filed a registration statement with the Securities and Exchange Commission on Thursday for the sale of up to $150 million in securities.
The company said it expects to use proceeds to fund the development of its clinical programs, for other research and development activities and for general corporate purposes, which may include capital expenditures and funding its working capital needs. Shares were 1.3% higher in recent morning trade.
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