By Devika Patel
Knoxville, Tenn., Sept. 18 - Antares Pharma, Inc. plans to raise $3 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 2,727,273 units at $1.10 apiece. Each unit consists of one common share and a five-year warrant to purchase 0.4 of a share at $1.15 apiece.
Settlement is expected Sept. 23.
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.
|
| Issue: | Units of one common share and one warrant for 0.4 of a share
|
| Amount: | $3 million
|
| Units: | 2,727,273
|
| Price: | $1.10
|
| Warrants: | One warrant for 0.4 of a share per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $1.15
|
| Pricing date: | Sept. 18
|
| Settlement date: | Sept. 23
|
| Stock symbol: | Amex: AIS
|
| Stock price: | $1.09 at close Sept. 17
|
| Market capitalization: | $86.7 million
|
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