BioPharmX raising 10 MUSD

BioPharmX, which is developing therapies for fibrocystic breasts and acne, raised $10 million by offering 3.6 million shares (upsized from 3.3 million shares) at $2.75, the low end of the range of $2.75 to $3.25. Korea Investment Partners Overseas Expansion Platform Fund (KIP) purchased an additional 1.1 million shares at $1.85 per share in a concurrent private placement, bringing total gross proceeds to $12 million. BioPharmX, which has traded on the OTCQB (last closing price was $3.25), had previously filed to offer 5 million shares at $3.45. BioPharmX plans to list on the NYSE/Amex under the symbol BPMX. CRT Capital Group acted as a lead manager on the deal.