By Sheri Kasprzak
New York, Feb. 9 - Kosan Biosciences Inc. entered into agreements to close a $45.5 million registered direct placement of stock.
A group of institutional investors agreed to buy 7 million shares at $6.50 each, a 6.47% discount to the company's $6.95 closing stock price on Thursday.
The shares are being sold under the company's shelf registration.
Cowen & Co., LLC is the bookrunner with Leerink Swann & Co. and Rodman & Renshaw, LLC as co-agents.
The deal is slated to close Feb. 13.
Based in Hayward, Calif., Kosan is a biotechnology company focused on developing treatments for cancer.
| Issuer: | Kosan Biosciences Inc.
|
| Issue: | Stock
|
| Amount: | $45.5 million
|
| Shares: | 7 million
|
| Price: | $6.50
|
| Warrants: | No
|
| Placement agents: | Cowen & Co., LLC (lead); Leerink Swann & Co.; Rodman & Renshaw, LLC
|
| Announcement date: | Feb. 9
|
| Settlement date: | Feb. 13
|
| Stock symbol: | Nasdaq: KOSN
|
| Stock price: | $6.95 at close Feb. 8
|
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