01:44 PM EST, 02/10/2025 (MT Newswires) -- Grace Therapeutics ( GRCE ) rose nearly 8% in recent Monday trading after it said it entered into securities purchase agreements for a private placement financing of up to $30 million with healthcare-focused institutional investors.

The financing consists of an initial upfront funding of about $15 million, with an additional potential $15 million if accompanying warrants are exercised for cash. The deal is expected to close on Tuesday, subject to customary closing conditions.

As part of the financing, Grace Therapeutics ( GRCE ) will issue about 4.4 million common shares, or pre-funded warrants in lieu thereof, along with warrants to purchase up to an additional 4.4 million shares at a combined purchase price of $3.395 per share.

Each warrant allows the holder to purchase one share at $3.395 and will expire either 60 days after the US Food and Drug Administration approves the New Drug Application for GTx-104 or on Sept. 25, 2028.

If all warrants are exercised, Grace Therapeutics ( GRCE ) could receive up to $15 million in additional proceeds.

The company, formerly Acasti Pharma, plans to use the funds to support general operations and the pre-commercial development of GTx-104.

Price: 3.53, Change: +0.26, Percent Change: +7.95