Published on 8/6/2009 in the Prospect News PIPE Daily.
New Issue: GW Pharmaceuticals arranges £6.6 million placement of ordinary shares
By Devika Patel
Knoxville, Tenn., Aug. 6 - GW Pharmaceuticals plc said it will raise £6.6 million in a private placement of stock.
The company will sell ordinary shares at 78p per share. Great Point Partners has agreed to buy 7,553,920 shares for £5,892,058, and M&G Investment Management Ltd. will buy 917,000 shares for £715,260.
Great Point also received five-year warrants for 3,776,960 shares, half of which are exercisable at 105p. The remaining 1,888,480 warrants are exercisable at 175p.
Proceeds will be used for general working capital purposes and to provide additional balance sheet resources to further the company's research and development and clinical trial programs.
GW is based in London and develops cannabis-derived pharmaceutical products for patients with multiple sclerosis, spinal cord injury, rheumatoid arthritis, neuropathic pain, cancer pain and other severe medical conditions.
| Issuer: | GW Pharmaceuticals plc
|
| Issue: | Ordinary shares
|
| Amount: | £6,607,318
|
| Shares: | 8,470,920
|
| Price: | 78p
|
| Warrants: | For 3,776,960 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | 105p (for 1,888,480 shares), 175p (for 1,888,480 shares)
|
| Investors: | Great Point Partners (for £5,892,058) and M&G Investment Management Ltd. (for £715,260)
|
| Pricing date: | Aug. 6
|
| Stock symbol: | London: GWP
|
| Stock price: | 82p at close Aug. 6
|
| Market capitalization: | £91.8 million
|
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