H&Q Healthcare Investors, H&Q Life Sciences Investors among investors
By Devika Patel
Knoxville, Tenn., Jan. 21 - Intellipharmaceutics International Inc. announced it plans a private placement of units. The offering will raise about $12 million.
The company will sell about 4.8 million units at $2.50 per unit. Each unit consists of one common share and two half-share warrants. Each whole warrant is exercisable at $2.50, with one warrant exercisable for five years and the other warrant exercisable for two years.
The strike price reflects a 57.98% discount to the Jan. 20 closing share price of $5.95.
H&Q Healthcare Investors and H&Q Life Sciences Investors are among the investors. Ladenburg Thalmann & Co. Inc. was the lead placement agent. Loewen, Ondaatje, McCutcheon Ltd. was co-agent.
Proceeds will be used to file additional abbreviated new drug applications with the Food and Drug Administration, advance clinical trials for the company's abuse resistant Rexista technology and/or other 505(b)(2) NDA opportunities, establish additional partnerships and for working capital, research, product development and general corporate purposes.
The pharmaceutical development company is based in Toronto.
| Issuer: | Intellipharmaceutics International Inc.
|
| Issue: | Units of one common share and two half-share warrants
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| Amount: | $12 million
|
| Units: | 4.8 million
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| Price: | $2.50
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| Warrants: | Two half-share warrants per unit
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| Warrant expiration: | Five years, two years
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| Warrant strike price: | $2.50
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| Agents: | Ladenburg Thalmann & Co. Inc. (lead), Loewen, Ondaatje, McCutcheon Ltd.
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| Investors: | H&Q Healthcare Investors and H&Q Life Sciences Investors
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| Pricing date: | Jan. 21
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| Stock symbol: | Nasdaq: IPCI
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| Stock price: | $5.95 at close Jan. 20
|
| Market capitalization: | $57.66 million
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