Benzinga | Aug 3, 2020 05:49AM EDT

VistaGen Therapeutics Prices 15.6M Share Underwritten Public Offering of Common Stock @$0.80/Share

VistaGen Therapeutics, Inc.(NASDAQ:VTGN) announced the pricing of its underwritten public offering of 15,625,000 shares of its common stock at a public offering price of $0.80 per share. Gross proceeds from the offering, before underwriting discounts and commissions and estimated offering expenses, are expected to be $12.5 million. In addition, VistaGen has granted the underwriter a 45-day option to purchase up to an additional 2,343,750 shares of common stock at the per share public offering price, less discounts and commissions.

VistaGen currently intends to use the net proceeds from the offering for the continued development of its CNS pipeline programs, and for general research and development, working capital and general corporate purposes.

Maxim Group LLC is acting as sole book-running manager for the offering.