PainReform, a Phase 2 Israeli biotech developing therapies for post-operative pain relief, raised $20 million by offering 2.5 million units at $8, the low end of the range of $8 to $10. Each unit consists of one share of common stock and one warrant, exercisable at $8.80. The company offered 50,000 less units than anticipated. It originally planned to offer 2.6 million shares at the same range before revising its offering to units. Because the company's offering has warrants attached, PainReform is excluded from Renaissance Capital's stats.
PainReform plans to list on the Nasdaq under the symbol PRFX. Maxim Group LLC and Joseph Gunnar acted as lead managers on the deal.
