Biotech Company Eloxx Wants to Raise $50 Million on Nasdaq
The company intends to use the proceeds for research and development and for general corporate purposes
Meir Orbach and Lilach Baumer | 14:04 26.04.2018
Biotech company Eloxx Pharmaceuticals Inc. announced on Wednesday an underwritten public offering of its ordinary shares on Nasdaq, expected to close on April 30. The company is offering around 5 million common stock shares at $9.75 per share under the ticker ELOX, expecting gross proceedings of $50 million.
For daily updates, subscribe to our newsletter by clicking here.Until now, Eloxx has been traded on the over-the-counter securities market. The company stated the offering is pursuant to its shelf registration statement, approved by the U.S. Securities and Exchange Committee earlier this month, and as of Thursday, Eloxx will start to be traded on Nasdaq. Citigroup and Piper Jaffray & Co. are the joint bookrunners for the offering.