Tiziana Life Sciences says US stock offering will raise $10mln

Tiziana Life Sciences PLC (LON:TILS) (NASDAQ:TLSA) said it has priced its US fundraiser at US$3 per American Depositary Share (ADS), meaning the gross proceeds of the stock offer will be US$10mln. The injection of cash will be used to advance the clinical development of Foralumab, the company’s phase I drug candidate for Crohn's Disease and progressive multiple sclerosis. It will also be deployed to “expedite” clinical development of TZLS-501 for coronavirus COVID-19, as well as providing working capital. READ: Tiziana's shares rocket on COVID-19 update  The sole bookrunner for theunderwritten follow-on offering is ThinkEquity, a division of Fordham Financial Management. The offer is expected to close on March 16.