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Matinas BioPharma brings in $50M to fund drug development

The company plans to use the proceeds to further develop MAT9001, its prescription-only omega 3 fatty acid

$100 bills
The biopharmaceutical company offered more than 32.2 million shares at $1.55 each

Matinas BioPharma Holdings Inc (NYSEAMERICAN:MTNB) has closed a registered public offering of its stock, raising around $50 million gross. 

The biopharmaceutical company offered more than 32.2 million shares at a price of $1.55 per share. The underwriters of the deal have been granted a 30-day option to purchase up to an additional 4.8 million shares.

READ: Matinas BioPharma evaluates formulating compounds using its LNC technology with Roche’s Genentech

Matinas plans to use the proceeds to further develop MAT9001, its prescription-only omega 3 fatty acid, and other product candidates.

The sole lead active bookrunner for the offering was Piper Sandler & Co.

Contact Andrew Kessel at [email protected] 

Follow him on Twitter @andrew_kessel

Quick facts: Matinas BioPharma

Price: 1.475 USD

NYSE:MTNB
Market: NYSE
Market Cap: $240.04 m
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