03:58 PM EST, 12/31/2024 (MT Newswires) -- OS Therapies ( OSTX ) said Tuesday it closed the $6 million private placement financing of 1.5 million units.

Each unit in the offering includes one share of series A senior convertible preferred stock and one warrant to purchase one common share, according to the company.

The units were priced at $4 apiece with a $4 conversion price of preferred stock into one common share and a $4.40 per share exercise price of the warrants, OS Therapies ( OSTX ) added.

The company said proceeds from the private placement will be used for working capital and general capital purposes.

OS Therapies ( OSTX ) expects the capital raised to sustain operations into 2026 and anticipates delivering clinical data and biologics license application requirements needed to obtain US Food and Drug Administration authorization for the commercialization of OST-HER2 to prevent recurrent, resected metastatic osteosarcoma in the US.

Shares of OS Therapies ( OSTX ) were down more than 10% in recent trading.

Price: 4.22, Change: -0.48, Percent Change: -10.15