Processa Pharmaceuticals, which is developing an analog therapy for necrotic skin disease, raised $19 million by offering 4.8 million shares at $4, below the last close of its shares on the OTCQB (PCSA). The company most recently filed to offer 3.9 million shares at $5. At pricing, the company commands a $41 million market cap. Because its market cap is less than $50 million, Processa will be excluded from Renaissance Capital's stats.
Processa Pharmaceuticals plans to list on the Nasdaq under the symbol PCSA. Craig-Hallum Capital Group and The Benchmark Company acted as joint bookrunners on the deal.
