Benzinga | Feb 17, 2021 08:11AM EST

Processa Pharmaceuticals Executes Securities Purchase Agreement To Raise Gross Proceeds Of $10.2M From Sale Of 1,321,132 Shares At $7.75/Share

HANOVER, MD., Feb. 17, 2021 (GLOBE NEWSWIRE) -- Processa Pharmaceuticals, Inc. (NASDAQ:PCSA), ("Processa" or the "Company"), a clinical-stage biopharmaceutical company developing products to improve the survival and/or quality of life for patients who have unmet medical needs, announced today that it has executed a securities purchase agreement to raise gross proceeds of $10.2 million resulting from the sale of 1,321,132 shares through a private investment in public equity (PIPE) financing at a price of $7.75 per share. The financing attracted both institutional and accredited investors. The closing of the private placement is subject to the satisfaction of customary closing conditions, expected to occur on or about February 23, 2021.