AcelRx To Acquire Lowell For $32M, Announces Capital Raise Of $14M

AcelRx Pharmaceuticals Inc ACRX has agreed to acquire privately-held Lowell Therapeutics Inc for approximately $32.5 million.
The deal consideration includes approximately $26 million of contingent consideration payable in cash or stock.
Lowell is developing Niyad, a regional anticoagulant for the dialysis circuit during continuous renal replacement therapy for acute kidney injury patients in the hospital.
AcelRx closed Q3 with cash, cash equivalents, and short-term investments balance of $48.7 million.
It posted a Q3 net loss of $(0.07), compared to $(0.10) a year ago and in line with the expectations.
AcelRx has agreed with two life sciences-focused investment funds to sell 17.5 million shares and warrants exercisable for an aggregate of 17.5 million shares.
The offering price for the common stock and warrants is $0.80 per share, and warrants will have an exercise price of $1.00 per share.
AcelRx estimates gross proceeds of approximately $14.0 million.
Price Action: ACRX shares are down 2.66% at $0.77 during the premarket session on the last check Monday.