Shares in Oculus Innovative Sciences, Inc. (NASDQ:OCLS) fell more than 9% pre-market Monday after the company said it will sell 450,620 units to two institutional investors for $3.00 each. The units will be made up of common stock, and Series A and Series B warrants. The company will raise about $1.35 million gross from the sale for general corporate purposes.
The Series A warrants carry the right to purchase up to 450,620 shares of common stock at an exercise price of $3.00 per share and a term of five years; The series B warrants allow the holder to purchase up to 1,400,000 shares at an exercise price of $3.63 per share. The shares recently traded at $3.60 in a 52-week range of $2.20 – $7.21.
Celsion Corp. (NASDAQ:CLSN) rose 6% in premarket trading after saying the U.S. Food and Drug Administration cleared the next round of testing on its experimental cancer drug.
The company expects to begin the phase three study of Thermodox, its treatment for liver cancer, in the first half of this year, according to a statement.
Celsion rose 6% to $3.82 in premarket trading. It has traded between a 52-week low of $3.38 a share on April 22 and a 52-week high of $9.45 on May 30.