Drug developer Nymox Pharmaceutical Corp. said Thursday it has obtained a commitment for $15 million in equity financing from institutional investors.
The money will be used for general corporate purposes. The financing also will help the company continue with research into new drugs including one called NX-1207, which may treat an enlarged prostate.
The investors may get common stock at a 3 percent discount to the market price, the company said. The timing and amount of each placement is in the sole discretion of the company. There are no warrants, price resets, and no restrictions on other corporate financing.
Products currently marketed by Nymox include tests for measuring tobacco product exposure sold under the NicAlert and TobacAlert names and a test to aid in the diagnosis of Alzheimer's disease.
Shares finished Thursday up 3 cents at $4.53.