Zomedica Pharmaceuticals Corp. Announces $30 Million Public Offering

ANN ARBOR, Mich., July 01, 2020 (GLOBE NEWSWIRE) -- Zomedica Pharmaceuticals Corp. (NYSE American: ZOM), (“Zomedica” or the “Company”), a veterinary diagnostic company, today announced the pricing of its previously announced public offering of 187,500,000 common shares (or common share equivalents) of the Company, together with short-term warrants to purchase up to 187,500,000 common shares, at a combined public offering price of $0.16 per share and accompanying warrant. Each common share (or common share equivalent) is being sold in the offering together with one two-year warrant to purchase one common share at an exercise price of $0.16 per common share. There is no public trading market for the warrants, and Zomedica does not expect a market to develop.

H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering. 

The gross proceeds are expected to be approximately $30 million, before deducting placement agent’s fees and other offering expenses payable by the Company, assuming none of the warrants sold in this offering are exercised for cash. The offering is expected to close on or about July 7, 2020, subject to satisfaction of customary closing conditions. 

Zomedica intends to use the net proceeds from the offering primarily for the continued development of its TRUFORMA diagnostic platform, including making milestone payments, as they come due, under its existing license and collaboration agreements, other general corporate and working capital purposes and may use a portion of the net proceeds to repurchase some or all of its outstanding Series 1 Preferred Shares, although no agreement has been reached with respect to the terms or conditions of any such repurchase.

A shelf registration statement on Form S-3 (Registration No. 333-228926) relating to the securities being offered was filed with the Securities and Exchange Commission (“SEC”) and was declared effective on January 30, 2019. The offering is being made only by means of a prospectus supplement and accompanying base prospectus. A preliminary prospectus supplement and accompanying base prospectus relating to the offering was filed with the SEC on July 1, 2020 and is available for free on the SEC's website located at http://www.sec.gov. When available, electronic copies of the final prospectus supplement and accompanying base prospectus relating to the public offering may be obtained by contacting H.C. Wainwright & Co., LLC, 430 Park Avenue, 3rd Floor, New York, NY 10022, by telephone at [phone], or by email to [e-mail].