GARDEN CITY, NY, Nov. 07, 2024 (GLOBE NEWSWIRE) —ProPhase Labs, Inc. (NASDAQ: PRPH), a next-generation biotech, genomics and diagnostics company, today announced the pricing of its underwritten public offering of 4,170,000 shares of common stock. Each share of common stock is being sold at a public offering price of $0.72 per share, for gross proceeds of approximately $3 million, before deducting underwriting discounts, and offering expenses. All of the shares are being offered by the Company. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 625,500 shares of common stock at the public offering price less discounts, to cover over-allotments. The offering is expected to close on November 12, 2024, subject to satisfaction of customary closing conditions.
The Company intends to use the net proceeds from this offering for working capital and general corporate purposes, which may include capital expenditures, product development and commercialization expenditures, and acquisitions of companies, businesses, technologies and products within and outside the diagnostic services, genomics and consumer products industry.
ThinkEquity is acting as sole book-running manager for the offering.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction. Any offer, if at all, will be made only by means of the prospectus supplement and accompanying prospectus forming a part of the effective registration statement.
About ProPhase Labs
ProPhase Labs, Inc. (Nasdaq: PRPH) is a next-generation biotech, genomics and diagnostics company. Our goal is to create a healthier world with bold action and the power of insight. We believe we are revolutionizing healthcare with industry-leading Whole Genome Sequencing solutions, while developing potential game changer diagnostics and therapeutics in the fight against cancer. This includes a potentially life-saving cancer test focused on early detection of esophageal cancer and potential breakthrough cancer therapeutics with novel mechanisms of action. Our world-class CLIA labs and cutting-edge diagnostic technology provide wellness solutions for healthcare providers and consumers. We develop, manufacture, and commercialize health and wellness solutions to enable people to live their best lives. We are committed to executional excellence, smart diversification, and a synergistic, omni-channel approach. ProPhase Labs’ subsidiaries and their strategic synergies highlight our potential for long-term value.
For more information, visit www.ProPhaseLabs.com
