Thursday, Processa Pharmaceuticals Inc PCSA shares closed 148.8% higher at $5.10.
Friday, the company priced a public offering of 1.56 million shares (or pre-funded warrants in lieu thereof) and common warrants to purchase up to 1.56 million shares at a combined public offering price per share of common stock (or per pre-funded warrants in lieu thereof) and accompanying common warrant of $4.50.
The common warrants will have an exercise price of $4.50 per share. Gross proceeds to the company is expected to be $7.0 million.
The stock is trading lower on high volume, with a session volume of 4.37 million compared to an average session of 1.27 million, according to data from Benzinga Pro.
The company completed the safety tolerability evaluation in its Phase 1b trial of Next Generation Capecitabine (NGC-Cap).
From the Phase 1b data, two dosage regimens have been selected for the Phase 2 trial in advanced or metastatic breast cancer, given the FDA’s agreement that the Phase 1b data can be used to support the design of the Phase 2 trial in breast cancer.
The NGC-Cap Phase 1b trial evaluated capecitabine doses from 75 mg once a day (QD) to 225 mg twice a day (BID).
The 5-FU drug exposure for the 18 patients that received NGC-Cap treatment across four different dosing regimens was 2-10 times that of FDA-approved capecitabine.
The incidence of myelosuppression in patients on the high dose of NGC-Cap (225 mg BID) is currently approximately 71%, with more severe myelosuppression occurring in approximately 57% of the patients.
The overall myelosuppression incidence rate after patients received the high dose of NGC-Cap is comparable to the 80% rate reported in the capecitabine label.
On Monday, Processa Pharmaceuticals stock started trading on a reverse stock basis of the split ratio of 1-for-20.
Price Action: PCSA shares reached as high as $6.43 during the premarket session on the last check Friday before plunging 23.9% to $3.88.