By Sheri Kasprzak
New York, June 20 - Corgentech Inc. said it has sealed a $30 million equity line with Azimuth Opportunity Ltd.
Over two years, Azimuth may buy shares of Corgentech at discounts from 6% to 7% to the volume weighted average price over the 10 trading days after notice of a draw.
Proceeds will be used for the company's clinical development, for working capital and for general corporate purposes.
Corgentech, based in South San Francisco, Calif., is a biopharmaceutical company focused on therapeutic treatments for pain.
| Issuer: | Corgentech Inc.
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| Issue: | Equity line
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| Amount: | $30 million
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| Tenor: | Two years
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| Price: | Discount of 6% to 7% to the VWAP for the 10 trading days after notice of a draw
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| Warrants: | No
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| Investor: | Azimuth Opportunity Ltd.
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| Settlement date: | June 19
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| Stock symbol: | Nasdaq: CGTK
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| Stock price: | $8.24 at close June 19
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| Stock price: | $8.02 at close June 20
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