PainReform sets IPO terms with plans to offer 2.55 million units priced at $8 to $10 each

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PainReform Ltd. , an Israeli start up that is aiming to develop non-opioid post-surgery pain treatments, set terms for its initial public offering on Monday, with plans to offer 2.55 million units priced at $8 to $10 each. Each unit will consist of one ordinary share and a warrant to purchase a share, the company said in a regulatory filing. The company has applied to list on Nasdaq under the ticker “PRFX.” Maxim Group and Joseph Gunnar & Co. are underwriting the deal. Proceeds will be used to fund clinical trials, and for general corporate purposes. “Our proprietary extended release drug-delivery system is designed to provide an extended period of post-surgical pain relief without the need for repeated dose administration while reducing the potential need for the use of opiates,” the company says in its prospectus.
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