By Sheri Kasprzak
New York, Oct. 18 - Sonus Pharmaceuticals, Inc. said it has completed a private placement with Schering AG for $15,678,000 as part of a licensing agreement for the Tocosol Paclitaxel anti-cancer product.
Schering bought 3.9 million shares of Sonus in the agreement at $4.02 each, Sonus's closing stock price on Oct. 14.
For an extra $0.125 per underlying share, Schering will receive warrants for 975,000 shares, exercisable for five years at $4.42 each.
Under the terms of the licensing agreement, Schering will pay Sonus a fee of $20 million upfront and milestone payments of up to $132 million upon the achievement of certain U.S., European and Japanese clinical and regulatory milestones.
The product at the center of the licensing agreement, Tocosol Paclitaxel, will undergo initial pivotal trails in metastatic breast cancer.
Based in Bothell, Wash., Sonus develops therapeutic drugs for cancer and related diseases.
| Issuer: | Sonus Pharmaceuticals, Inc.
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| Issue: | Stock
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| Amount: | $15,678,000
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| Shares: | 3.9 million
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| Price: | $4.02
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| Warrants: | For 975,000 shares (at $0.125 per underlying share)
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| Warrant expiration: | Five years
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| Warrant price: | $4.42
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| Investor: | Schering AG
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| Settlement date: | Oct. 18
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| Stock price: | $4.06 at close Oct. 17
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