Company raising funds for drug study, manufacture via brokered deal
By Devika Patel
Knoxville, Tenn., Sept. 22 - Anthera Pharmaceuticals, Inc. gave further details on a $31.5 million private placement of units in an 8-K filed Wednesday with the Securities and Exchange Commission. Piper Jaffray & Co. is the lead placement agent and Wedbush PacGrow Life Sciences is co-placement agent for the deal, which priced Sept. 20.
Anthera is selling 10.5 million units of one common share and a warrant for 0.40 shares at $3.00 apiece. The whole warrants are exercisable at $3.30 for five years.
The strike price is a 15.79% premium to the Sept. 17 closing share price of $2.85.
Settlement is expected Sept. 24.
Proceeds will be used to fund the company's previously announced expansion of its A-623 Phase 2b study, to manufacture Phase 3 material for A-623 and for general corporate purposes.
Anthera, based in Hayward, Calif., is a biopharmaceutical company.
| Issuer: | Anthera Pharmaceuticals, Inc.
|
| Issue: | Units of one common share and a warrant for 0.40 shares
|
| Amount: | $31.5 million
|
| Units: | 10.5 million
|
| Price: | $3.00
|
| Warrants: | One warrant for 0.40 shares per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $3.30
|
| Agent: | Piper Jaffray & Co. (lead), Wedbush PacGrow Life Sciences (co-placement agent)
|
| Pricing date: | Sept. 20
|
| Settlement date: | Sept. 24
|
| Stock symbol: | Nasdaq: ANTH
|
| Stock price: | $2.93 at close Sept. 20
|
| Market capitalization: | $72.44 million
|
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