By Sheri Kasprzak
New York, March 2 - MediGene AG said it intends to raise €15,632,500 in a private placement of stock.
The offering includes 1.85 million shares at €8.45 each.
The price per share is equal to a 5% discount to the average of the last five closing prices of MediGene's stock.
A group of institutional investors has already agreed to purchase some of the shares.
Proceeds will be used for the commercialization of the company's drugs and the addition of new products to the company's portfolio.
Based in Martinsried, Germany, MediGene develops pharmaceuticals to treat cancer and cardiovascular ailments.
| Issuer: | MediGene AG
|
| Issue: | Stock
|
| Amount: | €15,632,500
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| Shares: | 1.85 million
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| Price: | €8.45
|
| Warrants: | No
|
| Announcement date: | March 2
|
| Stock symbol: | Frankfurt: MDG
|
| Stock price: | €8.56 at close March 2
|
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