Deal with Lincoln Park sells stock based on prevailing market prices
By Devika Patel
Knoxville, Tenn., Dec. 11 - International Stem Cell Corp. said it arranged a stock purchase agreement with Lincoln Park Capital Fund, LLC for $10.25 million. It has already raised $250,000.
The company will sell common shares to Lincoln Park over three years at a price calculated through a formula based upon the prevailing market prices.
Proceeds will be used for research and development activities, general corporate purposes and working capital requirements.
International Stem Cell is a biotechnology company based in Carlsbad, Calif.
Issuer: | International Stem Cell Corp.
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Issue: | Stock purchase agreement
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Amount: | $10.25 million
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Tenor: | Three years
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Warrants: | No
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Investor: | Lincoln Park Capital Fund, LLC
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Pricing date: | Dec. 11
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Stock symbol: | OTCBB: ISCO
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Stock price: | $0.20 at close Dec. 10
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Market capitalization: | $30.19 million
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