Sarasota biopharmaceutical company raises $2.5M with stock offering

A Sarasota biopharmaceutical company raised $2.5 million through a registered direct offering this week. Silo Pharma (Nasdaq: SILO) closed its previously announced offering Oct. 1 for the purchase and sale of 2,857,143 shares of common stock at a price of $0.875 per share, according to a statement. 

In a concurrent private placement, the company issued unregistered warrants to purchase up to 2,857,143 shares of common stock at an exercise price of $0.75 per share that are immediately exercisable upon issuance and will expire five years from the effective date.

New York-based H.C. Wainwright & Co. acted as the exclusive placement agent for the offering.