PainReform Ltd. (NASDAQ:PRFX) (“PainReform” or the “Company”), a clinical stage specialty pharmaceutical company focused on the reformulation of established therapeutics, today announced the closing on September 3, 2020 of its initial public offering of 2,500,000 units at a price of $8.00 per unit. Each unit consisted of one Ordinary Share and one Warrant to purchase one Ordinary Share.
The Ordinary Shares and Warrants were immediately separable from the units and were issued separately. The Ordinary Shares began trading on the Nasdaq Capital Market on September 1, 2020 under the symbol “PRFX”. The Warrants are exercisable immediately, expire five years from the date of issuance and have an exercise price of $8.80 per share.
PainReform received gross proceeds of approximately $20.0 million, before deducting underwriting discounts and commissions and other estimated offering expenses.