By Sheri Kasprzak
New York, April 2 - Manhattan Pharmaceuticals, Inc. settled a private placement for $8.568 million.
The company sold 10.2 million shares at $0.84 each to a group of institutional and other investors. The sale includes 56,000 shares sold to an affiliate of the company at $0.90 each, the closing stock price on March 29.
The investors also received warrants for 3.6 million shares, exercisable at $1.00 each for five years.
Paramount BioCapital, Inc. was the placement agent.
Proceeds will be used for general corporate purposes.
New York-based Manhattan is a pharmaceutical company focused on treating common and morbid obesity.
| Issuer: | Manhattan Pharmaceuticals, Inc.
|
| Issue: | Stock
|
| Amount: | $8.568 million
|
| Shares: | 10.2 million
|
| Price: | $0.84
|
| Warrants: | For 3.6 million shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.00
|
| Placement agent: | Paramount BioCapital, Inc.
|
| Settlement date: | April 2
|
| Stock symbol: | Amex: MHA
|
| Stock price: | $0.90 at close March 30
|
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