09:56 AM EST, 12/24/2024 (MT Newswires) -- OS Therapies ( OSTX ) said Tuesday that it signed securities purchase agreements with investors to sell 1.5 million units at $4 each for gross proceeds of $6 million.

Each unit consists of one share of series A senior convertible preferred stock, initially convertible into one share of common stock and one warrant to purchase one common share. The preferred stock is convertible into shares at $4, while the warrants are exercisable at $4.40 per share, the company said.

The offering is expected to close on or about Friday.

OS Therapies ( OSTX ) said it will use the proceeds for working capital, particularly related to the clinical and regulatory milestones of lead therapeutic candidate OST-HER2 to treat recurrent, resected metastatic osteosarcoma in the US, and for general corporate purposes.

Shares of the company surged more than 17% in recent trading.

Price: 4.44, Change: +0.66, Percent Change: +17.46