BioPharmX Shares Drop

BioPharmX shares fell 16% Monday after the company said it has struck a deal to sell 5.5 million shares to buyers for $0.36 each.

BioPharmX said it plans to use net proceeds of approximately $1.9 million to advance its dermatology focused drug delivery and clinical programs, including advancing the company’s lead product BPX-01, and for working capital and other general corporate purposes.

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