By Sheri Kasprzak
Atlanta, Dec. 29 - Emisphere Technologies Inc. said it has received a $20 million standby equity distribution agreement from Kingsbridge Capital Ltd.
Under the agreement, Emisphere may draw upon the line at its discretion for two years. At any given draw, the company may receive up to 3% of its market capitalization.
Emisphere will sell Kingsbridge newly issued shares at a discount of 8% to 12% of the average trading price during the financing period. The discount applies to the price of stock equal to or greater than $8.50.
Kingsbridge also received a warrant for 250,000 shares at a premium to the market price.
Tarrytown, N.Y.-based Emisphere is a biopharmaceutical company focused on developing oral drugs that would be otherwise injected.
| Issuer: | Emisphere Technologies Inc.
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| Issue: | Standby equity distribution agreement
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| Amount: | $20 million
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| Tenor: | Two years
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| Price: | Discount of 8% to 12% of the average trading price during the financing
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| Warrants: | For 250,000 shares
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| Warrant strike price: | A premium to market
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| Investor: | Kingsbridge Capital Ltd.
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| Pricing date: | Dec. 29
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| Stock price: | $3.56 at close Dec. 28
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