XRpro Sciences, Inc has announced the completion of an equity financing of $8,855,000 led by Taglich Brothers, an investment bank in New York.
Richie Cunningham, President and CEO of XRpro stated, "We are pleased to announce this important financing for XRpro. This capital will serve as fuel for our continued growth as we begin to scale our ion channel drug development technology to meet customer demand and make plans to establish a trading market for our common stock."
The 1,265,000 units sold totaling $8,855,000 represent an increase of the private placement offering in which the Company initially offered 1,125,000 units totaling $7,875,000 at a per unit price of $7.00. Each unit consists of four shares of common stock and one 5-year warrant to purchase one share of common stock at an exercise price of $1.75 per share.
Tim Tyson, Chairman of XRpro added, "We want to thank the entire team at Taglich Brothers for helping us to exceed our goal with this financing. This financing provides us with operating capital which should allow us to continue to build and grow the Company without cash constraints for some time."
Michael Taglich, CEO and Founder of Taglich Brothers commented, "We are excited to support the vision and plan that Tim and Richie have developed and to provide them with the financial resources needed to implement that plan." He added, "The opportunity resonated with investors and the demand for the Units exceeded our original estimate."