VistaGen Therapeutics, Inc. (VTGN) surged as high as 24.73% to $1.16 in the after-market as a biopharmaceutical company dedicated to developing new medicines for anxiety, depression, and other disorders of the central nervous system, announced it had commenced an underwritten public offering of its common stock, equal to $0.001 per share, and its Series D convertible preferred stock. The securities to be offered in the offering are to be sold by VistaGen. The market and other conditions affect the offering, and no assurance can be given as to when it will be completed or how much it will be worth.
Initially, the Series D Preferred Stock will be convertible into a specified number of shares of Common Stock at the owner’s option, provided that no conversion can occur until the number of authorized Common Stock shares is increased to allow full conversion of the Series D Preferred Stock.
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This net proceeds from the offering will be used to fund VistaGen’s research and development, manufacturing, and regulatory requirements in its pursuit of further development of PH94B, PH10, AV-101, and potential drug candidates to expand its CNS pipeline, along with general corporate purposes.
Jefferies LLC and William Blair & Company, L.L.C. are acting as joint book-runners for the offering.