Acura Pharmaceuticals raises $4 million in private placement

PALATINE - Acura Pharmaceuticals has completed a $4 million private placement of its equity securities.

John Schutte, the investor in the private offering, purchased 8,912,655 units of the company, at a price of 44.88 cents per unit. Each unit consists of one share of our common stock and a warrant to purchase one fifth of a share of common stock.

The net cash proceeds to the company after expenses of the transaction are approximately $3.9 million and are expected to fund operations and development activities into the second quarter of 2018. The company intends to use the net proceeds for working capital purposes, including the funding of Phase I clinical trials for one or more products utilizing our Limitx technology.

Acura Pharmaceuticals is a specialty pharmaceutical company engaged in the research, development and commercialization of products intended to impede medication abuse and misuse.