By Laura Lutz
Des Moines, Oct. 16 - Aastrom Biosciences, Inc. announced a $13.5 million direct placement of units.
The company plans to sell about 11.8 million units of one share and one half-share warrant at $1.14 per unit. Each whole warrant will be exercisable at $1.5875 for five years, beginning six months after issuance.
Settlement is expected within the next few days.
The placement agent is BMO Capital Markets.
Aastrom is a biotechnology company based in Ann Arbor, Mich.
| Issuer: | Aastrom Biosciences, Inc.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | $13.5 million
|
| Units: | 11.8 million (approximate)
|
| Price: | $1.14
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Five years, beginning six months after issuance
|
| Warrant strike price: | $1.5875
|
| Announcement date: | Oct. 16
|
| Placement agent: | BMO Capital Markets
|
| Stock symbol: | Nasdaq: ASTM
|
| Stock price: | $1.27 at close Oct. 15
|
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