By Sheri Kasprzak
New York, June 21 - IDM Pharma, Inc. plans to close a $24.85 million direct placement of units.
A group of investors agreed to buy 7.1 million units at $3.50 each.
The units consist of one share and one third-share warrant. The whole warrants are exercisable at $4.06 each.
The underlying shares will be sold under the company's shelf registration.
The deal is scheduled to close on June 25.
Rodman & Renshaw, LLC was the placement agent.
Proceeds will be used for marketing of the company's lead candidate, MTP-PE to destroy residual cancer cells. The rest will be used for working capital and general corporate purposes.
Based in Irvine, Calif., IDM is a biopharmaceutical company focused on immunotherapeutic treatments for cancer.
| Issuer: | IDM Pharma, Inc.
|
| Issue: | Units of one share and one third-share warrant
|
| Amount: | $24.85 million
|
| Units: | 7.1 million
|
| Price: | $3.50
|
| Warrants: | One third-share warrant per unit
|
| Warrant strike price: | $4.06
|
| Placement agent: | Rodman & Renshaw, LLC
|
| Announcement date: | June 21
|
| Settlement date: | June 25
|
| Stock symbol: | Nasdaq: IDMI
|
| Stock price: | $4.14 at close June 20
|
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