11:14 AM EST, 01/28/2025 (MT Newswires) -- Medexus Pharmaceuticals ( MEDXF ) , down 13% on last look, said it priced its overnight marketed underwritten offering of 7.5-million shares at $4.00 each to raise $30 million.

The underwriters have been granted an over-allotment option of up to 1.13 million shares.

Proceeds will be used to repay a US$2.5 million credit received from medac in 2021 and to also pay part of the milestone payment amount to medac due after the FDA approval of injectable treosulfan, for working capital and general corporate purposes.

The offering is expected to close by Jan. 31.

Medexus was last seen down $0.60 to $4.00 on the Toronto Stock Exchange.

Price: 4.00, Change: -0.60, Percent Change: -13.04