By Sheri Kasprzak
New York, Aug. 30 - Manhattan Pharmaceuticals, Inc. said it has completed a private placement for $11,947,957.
The company sold 10,763,926 shares at $1.11 each.
The investors also received warrants for 2,152,758 shares, exercisable at $1.44 each for five years.
Paramount BioCapital, Inc. was the placement agent.
The proceeds will be used for the development of the company's three lead compounds, for working capital and for general corporate purposes.
Based in New York, Manhattan is a pharmaceutical company focused on prescription drugs to treat obesity.
| Issuer: | Manhattan Pharmaceuticals, Inc.
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| Issue: | Stock
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| Amount: | $11,947,957
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| Shares: | 10,763,926
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| Price: | $1.11
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| Warrants: | For 2,152,758 shares
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| Warrant expiration: | Five years
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| Warrant strike price: | $1.44
|
| Placement agent: | Paramount BioCapital, Inc.
|
| Settlement date: | Aug. 30
|
| Stock price: | $1.45 at close Aug. 29
|
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