Venaxis is offering 8,335,000 shares at $2.40 a share for a total of $20 million. The offering includes a 30-day option for underwriters to purchase up to an additional 1,250,250 shares. The offering should closed on or around April 8.
Net proceeds from the offering are expected to be about $18.4 million, which Venaxis plans to use for general corporate purposes such as overhead expenses as it seeks FDA clearance for APPY1.
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