KPRX ....I will err on the side of caution... U b the judge
Kiora Pharmaceuticals Enters into Two Equity Purchase Agreements with Lincoln Park Capital
2023-02-03 04:01 ET - News Release
Encinitas, California--(Newsfile Corp. - February 3, 2023) - Kiora Pharmaceuticals, Inc. (NASDAQ: KPRX) ("Kiora" or the "Company") today announced that it has entered into a common stock purchase agreement for a committed equity financing (the "Purchase Agreement") with Lincoln Park Capital Fund, LLC ("LPC"), a long-standing investor in the Company. Under the Purchase Agreement and subject to certain terms and conditions including effectiveness of a related resale registration statement, the Company has the right, but not the obligation, to sell up to $10 million of its shares of common stock (subject to certain limitations) to LPC over a 36-month period. Any common stock that is sold to LPC will occur at a purchase price that is determined by prevailing market prices at the time of each sale and as described in the Purchase Agreement, with no upper limits to the price LPC may pay to purchase the common stock. The Purchase Agreement does not contain any restrictions on the use of any of the proceeds and there are no financial covenants, participation rights, or rights of first refusal.
"We believe that this Purchase Agreement provides us the option to access capital from the sale of common stock under appropriate market conditions at our sole discretion," said Brian M Strem, Ph.D., President and CEO of Kiora. "This flexibility is important as we anticipate reporting outcomes from two clinical trials and initiating two new studies for the treatment of eye disease."