Zynerba Pharmaceuticals, Inc. (NASDAQ:ZYNE), the leader in pharmaceutically-produced transdermal cannabinoid therapies for orphan neuropsychiatric disorders, has entered into an equity purchase agreement for up to $20 million with Lincoln Park Capital Fund, LLC (LPC), a Chicago-based institutional investor.
Under the terms of the agreement, Zynerba will have the right in its sole discretion, but not the obligation, to sell to LPC up to $20 million worth of shares of its common stock over the 36-month term of the agreement. Zynerba controls the timing and amount of any future sales of its shares of common stock and LPC is obligated to make purchases in accordance with the terms of the purchase agreement, subject to various limitations including those under the Nasdaq listing rules.
