Auris Medical Holding AG (NASDAQ:EARS) has unveiled its public offering of 10,000,000 common shares and 10,000,000 warrants with each shareholder entitled to purchase 0.70 of a common share. Auris Medical specializes in developing therapeutics to fill crucial unfilled medical gaps in otolaryngology. Auris Medical has now joined the list of Biotech Stocks that have already unveiled their stocks to the public.
The shares and warrants come in packages of one common share and one warrant all priced at $1.00 per package. Auris intends to raise a total of $10 million from the public offering. The warrants are exercisable for a period of five years at a price of $1.2 for every common share. Auris Medical is granting a 30-day option to the appointed underwriter to buy up 1,500,000 additional shares and the same amount of warrants at the offering price less the underwriting discount. The company will offer all the units and the offering will be on up February 21, 2017 as per the customary closing conditions.
After subtracting the entitled underwriting discount and all other expenses attached to the offering, the proceeds from the offering will be around $9.1 million. Like many other best Biotech Stocks that have been listed before the company will use the proceeds from this offer as working capital and corporate purposes.
Auris has appointed Roth Capital Partners to manage the offering and Maxim Group LLC as the main financial advisor in regards to the offering. Auris filed a registration statement in relation to the offering with the Securities and Exchange Commission (SEC) and declared effective on 10th September 2015. A prospectus supplement will be used to access the offering. Soft copies of both the final prospectus supplement and accompanying prospectus are available at Roth Capital Partners at 888 San Clemente Drive as well as SEC’s website.
Auris Medical is currently developing Phase 3 cure for acute inner ear hearing loss and ear tinnitus using intratympanic administration with biocompatible gel Formulations. The Company is also developing the intranasal betahistine for Meniere’s disease as well as several research and development projects. Established in 2003, Auris Medical has its headquarters in Zug, Switzerland. The shares will be traded on NASDAQ Global Market alongside top Biotech Stocks and will trade under the symbol “EARS.”