OS Therapies Inc. (OSTX) announced on Tuesday the pricing of a private placement comprising 1.5 million units at $4.00 each, generating expected proceeds of $6 million. Each unit includes one share of Series A Senior Convertible Preferred Stock.
The company plans to allocate these funds towards working capital, focusing primarily on achieving clinical and regulatory milestones necessary for the commercialization of its leading therapeutic candidate, OST-HER2, for the treatment of recurrent, resected metastatic osteosarcoma in the United States by 2025. Additionally, the funds will serve general corporate purposes.
The private placement is anticipated to conclude around December 27.
At present, OS Therapies’ stock has increased by 5.82%, reaching $4.14 on the New York Stock Exchange.
