Deal is slated to fund general corporate purposes, clinical programs
By Devika Patel
Knoxville, Tenn., Nov. 3 – Vascular Biogenics Ltd. said it priced a $15 million public sale of units.
The company will sell 2.5 million units of one ordinary share and one half-share warrant at $6.00 per unit. Each whole warrant will be exercisable at $7.50 until May 6, 2021. The strike price is a 17.56% premium to the Nov. 2 closing share price of $6.38.
Piper Jaffray & Co. is the bookrunner.
Settlement is expected Nov. 6.
Proceeds will be used for clinical programs, working capital and other general corporate purposes.
The biopharmaceutical company is based in Or Yehuda, Israel.
| Issuer: | Vascular Biogenics Ltd.
|
| Issue: | Units of one ordinary share and one half-share warrant
|
| Amount: | $15 million
|
| Units: | 2.5 million
|
| Price: | $6.00
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | May 6, 2021
|
| Warrant strike price: | $7.50
|
| Bookrunner: | Piper Jaffray & Co.
|
| Lead manager: | JMP Securities
|
| Co-managers: | Roth Capital Partners and LifeSci Capital LLC
|
| Pricing date: | Nov. 3
|
| Settlement date: | Nov. 6
|
| Stock symbol: | Nasdaq: VBLT
|
| Stock price: | $6.38 at close Nov. 2
|
| Market capitalization: | $119.07 million
|
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