Published on 5/21/2007 in the Prospect News PIPE Daily.
New Issue: Modigene concludes $13 million private placement of units
By Sheri Kasprzak
New York, May 21 - Modigene, Inc. settled a private placement of units for $13 million.
The company sold a total of 8,666,666 units at $1.50 each.
The units each consist of one share and one quarter-share warrant. The whole warrants are exercisable at $2.50 each for five years.
The deal closed in two tranches with the first - for $9,628,212 - closing on May 14 and the second - for $3,371,787 - closing on May 21.
Located in Vienna, Va., Modigene develops long-acting versions of approved therapeutic proteins.
Issuer: | Modigene, Inc.
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Issue: | Units of one share and one quarter-share warrant
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Amount: | $13 million
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Units: | 8,666,666
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Price: | $1.50
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Warrants: | One quarter-share warrant per unit
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Warrant expiration: | Five years
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Warrant strike price: | $2.50
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Settlement date: | May 14 (for $9,628,212), May 21 (for $3,371,787)
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Stock symbol: | OTCBB: MODG
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Stock price: | $2.62 at close May 21
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