By Sheri Kasprzak
New York, Dec. 13 - EntreMed, Inc. is preparing to close a $17.164 million direct placement.
A group of institutional investors has agreed to buy 10,727,500 shares at $1.60 each.
The deal is set to close Dec. 18, and the shares will be sold under the company's shelf registration.
Proceeds will be used for research and development, clinical trials and related costs.
ThinkEquity Partners LLC was the bookrunner with Rodman & Renshaw, LLC as co-agent.
Based in Rockville, Md., EntreMed develops therapeutic treatments for cancer and inflammatory diseases.
| Issuer: | EntreMed, Inc.
|
| Issue: | Stock
|
| Amount: | $17.164 million
|
| Shares: | 10,727,500
|
| Price: | $1.60
|
| Warrants: | No
|
| Placement agents: | ThinkEquity Partners LLC (lead), Rodman & Renshaw, LLC
|
| Announcement date: | Dec. 13
|
| Settlement date: | Dec. 18
|
| Stock symbol: | Nasdaq: ENMD
|
| Stock price: | $1.69 at close Dec. 13
|
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