Summary by Futu AI
Processa Pharmaceuticals, Inc. has announced the entry into a Sales Agreement with A.G.P./Alliance Global Partners for the sale of up to $2,400,000 of its common stock. The sales may be conducted from time to time as an 'at the market offering' under Rule 415(a)(4) of the Securities Act of 1933. A.G.P. will act as the sales agent and will receive a commission of up to 3.0% of the gross sales price per share sold. The common stock is listed on the Nasdaq Capital Market under the symbol 'PCSA.' As of May 17, 2024, the last reported sale price of Processa's common stock was $1.96 per share. The company plans to use the net proceeds for research and development, particularly for its oncology products, as well as for working capital and general corporate purposes. The date of the prospectus supplement is May 28, 2024.