Drug company targets $3.7M

MANATEE COUNTY — Rock Creek Pharmaceuticals, which develops drugs and medications for inflammatory conditions, neurological diseases and behavioral health, seeks to raise $3.7 million in a common stock offering.

The Manatee County-based company, according to public filings, will offer 1,644,500 shares of common stock and warrants to purchase up to and an additional 1,223,375 shares of common stock. Shares and warrants will be sold in units, each of which is comprised of one share and 0.75 warrants to purchase one share of common stock. The price per unit in is $2.25.

Rock Creek officials say they will use the net proceeds from the offering for clinical development activities, working capital and general corporate purposes.

New York-based Maxim Group LLC is the placement agent for the offering, and will receive $259,000, according to the public documents. The offering is expected to close June 19.

Rock Creek lost $300,000 in the first quarter, an improvement over a $9.8 million loss in the first quarter of 2014. The company lost $38.5 million in 2014. The company also recently reported that its president, Dr. Christopher Chapman, has resigned. Chapman, president for about one year and a member of the board of directors for more than nine years, left to pursue other matters, the firm says.