Petros Pharmaceuticals raises $15M via private placement to advance OTC STENDRA

Petros Pharmaceuticals, Inc.

Issued 15,000 Series A Convertible Preferred shares (stated value $1,000 each) and warrants for up to 6,666,668 common shares at $2.25.
Gross proceeds of $15M; cash on hand $8.3M (March 31, 2023); expect funding through end of 2024.
Proceeds to support OTC switch program for STENDRA (erectile dysfunction) including FDA engagements and pivotal Label Comprehension Study.
Placement led by largest existing shareholders; directors/officers holding ~29% of common stock agree to vote for Nasdaq approval.
Closing expected July 17, 2023; Katalyst Securities served as placement agent (8% cash fee + warrants).

item 1.01 item 3.02 item 5.03 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Petros Pharmaceuticals, Inc. entered into Securities Purchase Agreement with certain accredited investors valued at $15 million (effective 2023-07-13).

Action: entry
Agreement: equity purchase
Counterparty: certain accredited investors
Value: $15 million
Effective: 2023-07-13

Exact text from the filing

On July 13, 2023, Petros Pharmaceuticals, Inc. (the “Company”) entered into a Securities Purchase Agreement (the “Purchase Agreement”) with certain accredited investors (the “Investors”), pursuant to which it agreed to sell to the Investors (i) an aggregate of 15,000 shares of the Company’s newly-designated Series A Convertible Preferred Stock, with a par value of $0.0001 per share and a stated value of $1,000 per share, initially convertible into up to 6,666,668 shares of the Company’s common stock, par value $0.0001 per share (the “Common Stock”) at a conversion price of $2.25 per share (the “Preferred Shares”), and (ii) warrants to acquire up to an aggregate of 6,666,668 shares of Common Stock (the “Warrants”) at an exercise price of $2.25 per share (collectively, the “Private Placement”).

View on SEC.gov

Browse all material agreements →

Petros Pharmaceuticals, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-23-080765

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.