Pharmaceutical company plans sale to fund NV-143 development, studies
By Devika Patel
Knoxville, Tenn., March 18 - Marshall Edwards, Inc. arranged a registered direct offering of its common stock and 10% series B preferred stock on March 17, according to an 8-K filed Friday with the Securities and Exchange Commission. The deal will raise $1.74 million; Ironridge Global Biopharma is the investor.
The company will sell $742,000 of preferreds and $1 million of common shares in installments to Ironridge.
The preferreds are priced at $1,000 apiece. They may be redeemed after four years at 135.
Ironridge received a 2% commitment fee on the preferreds.
Proceeds will be used for further development of the company's lead product candidate, NV-143, including the remaining preclinical studies required to initiate a Phase I clinical trial later this year.
Marshall Edwards, based in San Diego, is a developmental-stage pharmaceutical company.
| Issuer: | Marshall Edwards, Inc.
|
| Issue: | Series B preferred stock, common stock
|
| Amount: | $1,743,700
|
| Warrants: | No
|
| Investor: | Ironridge Global Biopharma
|
| Pricing date: | March 17
|
| Stock symbol: | Nasdaq: MSHL
|
| Stock price: | $1.57 at close March 17
|
| Market capitalization: | $10.87 million
|
|
|
| Common stock
|
| Amount: | $1,001,700
|
|
|
| Preferreds
|
| Amount: | $742,000
|
| Shares: | 742
|
| Price: | $1,000.00
|
| Dividends: | 10%
|
| Call: | At 135 after four years
|
| Fees: | 2%
|
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