The net proceeds from this deal are expected to be used for general corporate purposes, such as financing future strategic product acquisitions and associated investments, capital expenditures, and working capital.
FREMONT, CA: Harrow Health, an ophthalmic-focused healthcare company, recently announced that it has completed a private sale of 440,000 shares of its newly created Series B Cumulative Preferred Stock (the Preferred Stock) to B. Riley Securities for net proceeds of approximately $10.67 million. The net proceeds from this deal are expected to be used for general corporate purposes, such as financing future strategic product acquisitions and associated investments, capital expenditures, and working capital.
Commenting on the transaction, Mark L. Baum, Harrow Health’s Chief Executive Officer, said, “We are pleased to have closed on this $11 million Series B Preferred Stock transaction, which, coupled with our recently closed $55 million unsecured senior notes offering and the $10 million in proceeds from our sale of Eton Pharmaceuticals stock, brings total funds raised by the Company in 2021 to just over $75 million.”
“We expect this increase in our overall cash position to provide ample funds to aggressively pursue several current business development engagements to acquire, partner or in-license FDA-approved or late-stage FDA-approvable ophthalmic drug candidates currently under negotiation. We are very appreciative of the support from the financial community and our stockholders in Harrow Health’s vision, and we are very excited about the transformative opportunities we see in the near future,” added Baum.
This press release does not constitute an offer to sell or a solicitation of an offer to buy, and no sale of the Preferred Stock may take place in any state or jurisdiction where such an offer, sale, or solicitation would be unlawful before registration or certification under the securities laws of that state or jurisdiction.