By Sheri Kasprzak
New York, Dec. 8 - Lpath Therapeutics Inc. said it has completed a private placement of units for $6 million.
The company issued 3.75 million units at $1.60 each to a group of investors led by Roaring Fork Capital SBIC, LP.
The units are comprised of two shares and one warrant. The warrants are exercisable for 58 months at $1.50 each.
The offering was completed as part of its merger with Neighborhood Connections, Inc. The merger was completed on Nov. 30. Under the merger terms, each outstanding share of Lpath was converted into one class A share of Neighborhood Connections.
The company's name was changed to Lpath Inc.
Based in San Diego, Lpath is a biopharmaceutical company focused on treatments for cardiovascular disorders, cancer and other disorders.
| Issuer: | Lpath Therapeutics Inc.
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| Issue: | Units of two shares and one warrant
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| Amount: | $6 million
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| Units: | 3.75 million
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| Price: | $1.60
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| Warrants: | One warrant per unit
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| Warrant expiration: | 58 months
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| Warrant strike price: | $1.50
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| Investors: | Roaring Fork Capital SBIC, LP (lead)
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| Settlement date: | Dec. 8
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