NexGel announces $975K direct offering led by insiders

NexGel announced it has entered into definitive agreements for the issuance and sale of an aggregate of 462,090 of its shares of common stock and the issuance of warrants to purchase up to an aggregate of 231,040 shares of common stock for a combined offering purchase price of $2.11 per share of common stock in a registered direct offering priced. The warrants will have an exercise price of $4.00 per share and be exercisable immediately upon issuance and have a term of five years from the date of issuance. NexGel insiders, including members of the management team and board, participated in the offering. Insiders are subject to a six-month lock-up period from the date of closing. The gross proceeds from the offering are approximately $975,000, before deducting offering expenses. Alere Financial Partners, a division of Cova Capital Partners, acted as the exclusive placement agent for the offering.