Medicus Pharma Ltd. Announces Closing of US$4.0M Initial Public Offering in the United States
Medicus Pharma (NASDAQ: MDCX) announced the closing of its US$4.0M initial public offering in the United States, consisting of 970,000 units at US$4.125 per unit. Each unit includes one common share and one warrant with a US$4.64 exercise price, expiring in 5 years. The company's shares and warrants began trading on Nasdaq under 'MDCX' and 'MDCXW'. The proceeds will fund Phase 2 clinical trials for basal cell carcinoma treatment using their doxorubicin microarray needle skinpatch, with potential expansion to other non-melanoma skin diseases. The underwriter exercised an overallotment option for 145,500 additional warrants.
Medicus Pharma (NASDAQ: MDCX) ha annunciato la chiusura della sua offerta pubblica iniziale di 4,0 milioni di dollari negli Stati Uniti, composta da 970.000 unità a 4,125 dollari per unità. Ogni unità include una azione comune e un warrant con un prezzo di esercizio di 4,64 dollari, in scadenza dopo 5 anni. Le azioni e i warrant della società hanno iniziato a essere scambiati su Nasdaq con i ticker 'MDCX' e 'MDCXW'. I proventi saranno utilizzati per finanziare la fase 2 delle sperimentazioni cliniche per il trattamento del carcinoma basocellulare utilizzando il loro cerotto dermico a microarray di doxorubicina, con potenziale espansione ad altre malattie cutanee non melanoniche. Il sottoscrittore ha esercitato un'opzione di sovrallocazione per 145.500 warrant aggiuntivi.
Medicus Pharma (NASDAQ: MDCX) anunció el cierre de su oferta pública inicial de 4.0 millones de dólares en los Estados Unidos, que consiste en 970,000 unidades a 4.125 dólares por unidad. Cada unidad incluye una acción común y una garantía con un precio de ejercicio de 4.64 dólares, que expirará en 5 años. Las acciones y garantías de la empresa comenzaron a cotizar en Nasdaq bajo los símbolos 'MDCX' y 'MDCXW'. Los ingresos se utilizarán para financiar ensayos clínicos de fase 2 para el tratamiento del carcinoma de células basocelulares utilizando su parche dérmico de microarreglos de doxorubicina, con potencial expansión a otras enfermedades cutáneas no melanoma. El suscriptor ejerció una opción de sobreasignación por 145,500 garantías adicionales.
Medicus Pharma (NASDAQ: MDCX)는 미국에서 400만 달러 규모의 기업공개를 완료했다고 발표했습니다. 이는 각 단위당 4.125달러에 970,000개가 포함됩니다. 각 단위는 하나의 보통주와 4.64달러의 행사 가격으로 5년 후 만료되는 하나의 워런트를 포함합니다. 회사의 주식과 워런트는 'MDCX' 및 'MDCXW'라는 이름으로 나스닥에서 거래를 시작했습니다. 수익금은 그들의 독소루비신 마이크로어레이 니들 스킨패치를 이용한 기저 세포 암종 치료를 위한 임상 시험 2단계를 자금 지원하는 데 사용되며, 다른 비흑색종 피부 질환으로의 확장 가능성이 있습니다. 인수인은 145,500개의 추가 워런트에 대한 오버롤오션 옵션을 행사했습니다.
Medicus Pharma (NASDAQ: MDCX) a annoncé la fermeture de son introduction en bourse initiale de 4,0 millions de dollars aux États-Unis, composée de 970 000 unités à 4,125 dollars l'unité. Chaque unité comprend une action ordinaire et un bon de souscription avec un prix d'exercice de 4,64 dollars, expirant dans 5 ans. Les actions et bons de souscription de la société ont commencé à être négociés sur Nasdaq sous les symboles 'MDCX' et 'MDCXW'. Les fonds seront utilisés pour financer les essais cliniques de phase 2 pour le traitement du carcinome basocellulaire à l'aide de leur patch cutané à microarray de doxorubicine, avec une possible extension à d'autres maladies cutanées non mélanotiques. Le souscripteur a exercé une option de surallocation pour 145 500 bons de souscription supplémentaires.
Medicus Pharma (NASDAQ: MDCX) gab den Abschluss seines Initial Public Offerings über 4,0 Millionen US-Dollar in den Vereinigten Staaten bekannt, das aus 970.000 Einheiten zu je 4,125 US-Dollar besteht. Jede Einheit umfasst eine Stammaktie und einen Warrant mit einem Ausübungspreis von 4,64 US-Dollar, der in 5 Jahren abläuft. Die Aktien und Warrants des Unternehmens begannen den Handel an der Nasdaq unter den Kürzeln 'MDCX' und 'MDCXW'. Die Erlöse werden zur Finanzierung der Phase-2-Studien zur Behandlung von Basalzellkarzinomen mit ihrem Doxorubicin-Mikroarray-Nadelhautpflaster verwendet, mit möglicher Erweiterung auf andere nicht-melanoforme Hautkrankheiten. Der Emittent nutzte eine Überzeichnungsoption für 145.500 zusätzliche Warrants.
- Successfully completed US$4.0M IPO on Nasdaq
- Dual listing achieved on Nasdaq and TSXV
- Phase 1 study already completed with positive safety and efficacy results
- Phase 2 clinical trial protocol submitted to FDA in January 2024
- Patient recruitment ongoing across nine US sites
- Small IPO size may limit operational capabilities
- Potential shareholder dilution from warrant exercise
- Early-stage company with no commercial products yet
Insights
The
The dual listing on NASDAQ and TSXV enhances market visibility and liquidity. The partial exercise of the overallotment option, though minimal at
The Phase 2 proof of concept trial funding represents a important advancement in non-invasive skin cancer treatment. The company's preliminary Phase 1 results showing complete response in 6 participants through histological examination demonstrates promising efficacy. The upcoming Phase 2 study (SKNJCT-003) with 60 patients across 9 U.S. sites, testing two dose levels against placebo, will be pivotal in validating their dissolvable microneedle patch technology.
The potential expansion into other non-melanoma skin diseases could significantly broaden the therapeutic applications of their platform technology, representing multiple market opportunities beyond basal cell carcinoma.
Toronto, Ontario and Philadelphia, Pennsylvania--(Newsfile Corp. - November 15, 2024) - Medicus Pharma Ltd (NASDAQ: MDCX) (TSXV: MDCX) (the "Company") today announced the closing of its previously announced initial public offering in the United States of 970,000 units, at a price of US
The common shares and the warrants commenced trading on The Nasdaq Capital Market ("Nasdaq") under the symbols "MDCX" and "MDCXW," respectively, on November 14, 2024. The common shares will continue to trade on the TSX Venture Exchange ("TSXV") under the symbol "MDCX". The warrants will not trade on the TSXV.
The Company intends to use the net proceeds from the offering to fund its Phase 2 proof of concept clinical trial for treatment of basal cell carcinoma using its doxorubicin tip loaded dissolvable microarray needle skinpatch. The Company may also use the net proceeds of the offering to expand its exploratory phase 2 clinical trial to a pivotal trial and/or to expand its trials to cover other non-melanoma skin diseases. The company will use any remaining net proceeds for general corporate purposes and working capital.
Maxim Group LLC acted as the sole book-running manager for the offering and Brookline Capital Markets, a division of Arcadia Securities, LLC, acted as co-manager. In connection with the offering, the underwriter partially exercised its overallotment option and purchased an additional 145,500 warrants at
This offering will only be made by means of a prospectus. Copies of the final prospectus relating to the offering may be obtained from Maxim Group LLC, 300 Park Avenue, 16th Floor, New York, NY 10022, Attention: Syndicate Department, by telephone at (212) 895-3745 or by email at syndicate@maximgrp.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any State or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such State or jurisdiction.
For further information contact:
Carolyn Bonner, President
(610) 636-0184
cbonner@medicuspharma.com
Jeremy Feffer
LifeSci Advisors
(212) 915-2568
jfeffer@lifesciadvisors.com
About Medicus Pharma Ltd:
Medicus Pharma Ltd (NASDAQ: MDCX) (TSXV: MDCX) is a biotech/life sciences company focused on accelerating the clinical development programs of novel and disruptive therapeutics assets.
SkinJect Inc. a wholly owned subsidiary of Medicus Pharma Ltd, is a development stage, life sciences company focused on commercializing novel, non-invasive treatment for basal cell skin cancer using patented dissolvable microneedle patch to deliver chemotherapeutic agent to eradicate tumors cells. The Company has completed a phase 1 safety & tolerability study (SKNJCT-001) in March of 2021, which met its primary objective of safety and tolerability; the study also describes the efficacy of the investigational product D-MNA, with six (6) participants experiencing complete response on histological examination of the resected lesion. The Company submitted a Phase 2 IND clinical protocol to the FDA in January 2024 for a randomized, controlled, double-blind, multicenter clinical study (SKNJCT-003) that is expected to randomize up to 60 patients. The study is designed to evaluate the efficacy of two dose of two dose levels (100 and 200 ug) of D-MNA compared to placebo (P-MNA) in subjects with nodular BCC. Patient recruitment is currently underway in nine sites across the United States.
Cautionary Notice on Forward-Looking Statements
Certain information in this news release constitutes "forward-looking information" under applicable securities laws. "Forward-looking information" is defined as disclosure regarding possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action and includes, without limitation, statements regarding the Company's expected use of the net proceeds of the offering. Forward-looking statements are often but not always, identified by the use of such terms as "may", "might", "will", "will likely result", "would", "should", "estimate", "plan", "project", "forecast", "intend", "expect", "anticipate", "believe", "seek", "continue", "target" or the negative and/or inverse of such terms or other similar expressions.
These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including those risk factors described in the Company's public filings on SEDAR+, which may impact, among other things, the trading price and liquidity of the Company's common shares. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement and reflect our expectations as of the date hereof, and thus are subject to change thereafter. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Readers are cautioned that the foregoing list is not exhaustive and readers are encouraged to review the Company's long form prospectus accessible on the Company's profile on SEDAR+ at www.sedarplus.ca. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/230238
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