A.P. Pharma raising $53.6 million

A.P. Pharma Inc. (OTCBB:APPA) said it plans to raise $53.6 million through the sale of 102 million shares at $0.53 to institutional investors. The price is a 20% discount to A.P. Pharma's Tuesday close of $0.66, before the offering was proposed. Jefferies and JMP Securities were placement agents. A.P. Pharma was off $0.07 (11%) to $0.59 on Wednesday. ...