By Devika Patel
Knoxville, Tenn., June 7 - Hana Biosciences Inc. announced a $100 million private placement of preferred stock with Warburg Pincus and Deerfield Management. It has already raised $40 million.
The company is selling the 9% preferreds at $100.00 apiece. The preferreds are initially convertible into common stock at $0.1288. If approval is received, the conversion price would increase to $0.184 for first $60 million in preferreds and $0.276 for the remaining $40 million preferreds.
Hana plans to use the proceeds to advance its clinical development and commercialization programs and for general corporate purposes.
Hana is a biopharmaceutical company based in South San Francisco, Calif.
| Issuer: | Hana Biosciences Inc.
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| Issue: | Preferred stock
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| Amount: | $100 million
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| Price: | $100.00
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| Dividends: | 9%
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| Conversion price: | $0.1288
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| Investors: | Warburg Pincus and Deerfield Management
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| Announcement date: | June 7
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| Pricing date: | June 7 (for $40 million)
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| Stock symbol: | OTCBB: HNAB
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| Stock price: | $0.23 at close June 4
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| Market capitalization: | $14 million
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