Benzinga | Nov 25, 2020 05:34AM EST

Hepion Pharmaceuticals Priced 2OM Share Public Offering @$1.50/Share

Hepion Pharmaceuticals, Inc. (NASDAQ:HEPA) announced the pricing of an underwritten public offering of 20,000,000 shares of its common stock. Each share of common stock is being sold to the public at a price per share of $1.50. The gross proceeds to Hepion from this offering are expected to be approximately $30 million before deducting underwriting discounts, commissions and other offering expenses.

Hepion has granted the underwriters a 45-day option to purchase up to an additional 3,000,000 shares of common stock at the public offering price, less the underwriting discounts and commissions.

ThinkEquity, a division of Fordham Financial Management, Inc., is acting as sole book-running manager for the offering.

Hepion intends to use the net proceeds from the offering to fund research and development activities, as well as for working capital and other general corporate purposes.