By Devika Patel
Knoxville, Tenn., July 24 - Antares Pharma, Inc. plans to raise $8.5 million in a registered direct offering of units, according to a prospectus supplement filed Friday with the Securities and Exchange Commission.
The company will sell 10,625,000 units at $0.80 apiece. Each unit consists of one common share and a five-year warrant to purchase 0.4 shares at $1.00 apiece.
Cowen and Co., LLC, Oppenheimer & Co., Inc. and Ladenburg Thalmann & Co. Inc. are the agents.
Settlement is expected on July 29.
Proceeds will be used for general corporate purposes.
Located in Ewing, N.J., Antares develops drug delivery systems, including a transdermal patch.
Issuer: | Antares Pharma, Inc.
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Issue: | Units of one common share and one warrant for 0.4 shares
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Amount: | $8.5 million
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Units: | 10,625,000
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Price: | $0.80
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Warrants: | One warrant for 0.4 shares per unit
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Warrant expiration: | Five years
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Warrant strike price: | $1.00
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Agent: | Cowen and Co., LLC, Oppenheimer & Co., Inc. and Ladenburg Thalmann & Co. Inc.
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Pricing date: | July 24
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Settlement date: | July 29
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Stock symbol: | Amex: AIS
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Stock price: | $0.90 at close July 23
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Market capitalization: | $57.3 million
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