Protegenic Therapeutics, Inc. (PTIX) share price was up by 11.37% as of the market opening on May 25th, 2021, bringing the price per share up to USD$2.35 shortly after the trading day commenced.
PTIX Background
PTIX is a pre-clinical biopharmaceutical company that endeavors to develop first-in-class neuro-active peptides in treatments for anxiety, treatment-resistant depression, addiction, and other disorders. There has been limited mention of the company or its stock in the news that would serve to justify recent fluctuations in the stock price. There have been no analysts’ upgrades or increases in target price per share.
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Closing of Public Offering
Most recently, the company announced the closing of an underwritten public offering of the company’s common stock for sale to the public. The company offered up 3.18 million units in the public offering, with each unit being priced at USD$4.15 per unit. Each unit, in turn, is made up of one share of PTIX common stock and one warrant to purchase a singe share of common stock. Each of the warrants is exercisable at a price of USD$4.98 per share, with an expiry date of five years from the date of issuance.
Over-allotment Option
Additionally, PTIX has granted underwriters a 45-day option that allows for the buying up of an additional 477,000 units at the public offering price minus underwriting discounts and commissions. The common stock and warrants that made up each unit that was sold were separated upon the closing of the public offering and were issues separately.
Logistics of Offering
The common stock began trading on the Nasdaq Capital Market on April 27th 2021 under the PTX ticker symbol, whereas warrants began trading on the same day under the PTIXW ticker symbol. Gross proceeds generated from the public offering came in at roughly USD$13.2 million before the deduction of underwriting discounts and commissions and other costs related to the offering.
Future Outlook for PTIX
In the absence of a clearly defined driving force behind the uptrend enjoyed by PTIX stock, the stock is proving to be a hot commodity among traders. In the context of an improving global economy and the lifting of restrictions and regulations imposed as a result of the global pandemic, the company is keen for a prosperous fiscal 2021. Current and potential investors are hopeful that the company will be able to leverage the resources at its disposal to usher in significant and sustained increases in shareholder value.