U.S. Markets open in 3 hrs 38 mins

Xenetic Biosciences Shares Surge After Biotech Prices Common Stock, Warrant Offering

Shanthi Rexaline

Nano-cap biotech Xenetic Biosciences Inc (NASDAQ: XBIO)'s stock was rallying Friday following an announcement concerning pricing for its previously announced offering of common stock and accompanying warrants. 

Xenetic is a biopharma focused on developing novel oncology therapeutics, including next-gen cellular immunotherapies for difficult-to-treat cancers and improved biologic drugs. The company has priced its offering of 1.649 million shares of its common stock and warrants to purchase another 1.649 million shares at $9.02 each, according to an SEC filing.

This compares to the $8.80 price at which the shares closed Wednesday, the last trading session ahead of the filing.

The company said it intends to seek the listing of the warrants on the Nasdaq under the ticker symbol "XBIOW."

The net proceeds from the sale of the 1.649 million units are likely to be $13.4 million.

Xenetic said it intends to use the net proceeds from the sale of units to fund its R&D and clinical programs, including the development of XCART technology, and for other general corporate purposes.

Xenetic Bioscienses shares were jumping 36.59% to $12.02 at the time of publication Friday. 

Related Links:

Attention Biotech Investors: Mark Your Calendar For These July PDUFA Dates

Cytori CFO Resigns, Biotech Restructures In Bid To Focus Resources On Lung Cancer Drug

See more from Benzinga

© 2019 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.