Petros Pharmaceuticals, Inc. (PTPI), a pharmaceutical company, has slightly increased by 1.03% in aftermarket trading session. Consequently, PTPI stock is trading at $3.93 at the time of the writing. On Tuesday, PTPI closed the day at $3.89 after surging 9.27% during regular trading hours. The surge could be attributed to the announcement of the offering’s closing.
Why PTPI Surged?
On Tuesday, PTPI announced the closing of its previously announced registered direct offering and private placement with the company’s largest investor and other existing investors for gross proceeds of approximately $7.5 million. The company said that it intends to use the net proceeds from the offering for expansion of its men’s health platform and working capital and general corporate purposes. Katalyst Securities LLC served as the financial advisor to the company regarding the transaction.
Q3 2021 Operational Results
On 15th November, PTPI released the operational results for the third quarter of the fiscal year 2021. The quarter ended on 30th September. The company generated net sales of $2.2 million during the quarter against the net sales of $3.5 million. The total gross profit for the period was $1.8 million against $2.5 million for the same period of 2020. The net loss suffered by the company during the $1.7 million against $3.3 million for the same period of 2020.
Executive Commentary
Fady Boctor, President and Chief Commercial Officer of PTPI, while commenting on the results said that the company has continued its momentum during the third quarter with several prescriptions and tablets hitting a record level. The company has continued to make progress with its strategies.
Future Outlook for PTPI
The last three months have seen PTPI stock rocketing by more than 100%. That depicts the investors’ interest associated with stock during the period. Analyst estimates suggest that the stock is in a good position to thrive upon this already built momentum in months to come.