Acura Pharmaceuticals, Inc. (NASDAQ:ACUR) announced it has entered into a Securities Purchase Agreement with certain institutional investors to sell 9,790,000 shares of common stock at a price of $0.78 per share, payable at closing.
Roth Capital Partners served as sole placement agent for the offering. After placement agent fees and estimated offering expenses payable by the Company, the Company expects to receive net proceeds of approximately $7.05 million. The offering is expected to close on or about July 7, 2015, subject to customary closing conditions.
The Company intends to use the net proceeds from the offering for general corporate purposes, funding product development and for general and administrative expenses.
The shares of the Company’s common stock are being offered pursuant to a shelf registration statement (File No. 333-187075), including a base prospectus, which was declared effective by the United States Securities and Exchange Commission (the “SEC”) on March 15, 2013. A prospectus supplement relating to the offering will be filed with the SEC and will be available on the SEC’s website at http://www.sec.gov. (Original Source)
Shares of Acura closed yesterday at $0.987 . ACUR has a 1-year high of $1.35 and a 1-year low of $0.41. The stock’s 50-day moving average is $0.85 and its 200-day moving average is $0.71.
On the ratings front, MLV & Co. analyst Vernon Bernardino maintained a Buy rating on ACUR, with a price target of $2, in a report issued on June 17. The current price target implies an upside of 102.0% from current levels.
According to TipRanks.com, Bernardino has a total average return of -5.7%, a 40.3% success rate, and is ranked #3465 out of 3683 analysts.
Acura Pharmaceuticals Inc is a pharmaceutical company. It is engaged in the research, development & manufacture of productto address medication abuse & misuse, utilizing the Company’s proprietary, tamper-resistant AVERSION& IMPEDEtechnology platforms.