By Sheri Kasprzak
New York, Nov. 16 - CollaGenex Pharmaceuticals, Inc. is gearing up to close a $45.5 million direct placement of its stock with a group of institutional and other investors.
The investors have agreed to buy 3.5 million shares at $13.00 each, a 2% discount to the company's $13.31 closing stock price on Wednesday.
The shares are being sold under the company's shelf registration.
The offering is expected to close Nov. 21.
Lazard Capital Markets LLC was the bookrunner with Leerink Swann & Co. as co-agent.
Proceeds from the deal will be used for research and development expenses, manufacturing expenses, clinical trials, administrative expenses, potential acquisitions and working capital.
Based in Newtown, Pa., CollaGenex develops therapies for acne, rosacea and other skin disorders.
| Issuer: | CollaGenex Pharmaceuticals, Inc.
|
| Issue: | Stock
|
| Amount: | $45.5 million
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| Shares: | 3.5 million
|
| Price: | $13.00
|
| Warrants: | No
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| Placement agents: | Lazard Capital Markets LLC (lead), Leerink Swann & Co.
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| Announcement date: | Nov. 16
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| Settlement date: | Nov. 21
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| Stock symbol: | Nasdaq: CGPI
|
| Stock price: | $13.31 at close Nov. 15
|
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