By LLuvia Mares
New York, Aug. 10 - Medivation, Inc. announced Monday it obtained an equity line of credit allowing it to raise up to $100 million in registered common stock through sales to Azimuth Opportunity Ltd.
The facility runs over an 18-month period ending April 1, 2009.
The per share purchase price for the shares equals the daily volume weighted average price of the common stock on each date during the draw down period on which shares are purchased, less a discount ranging from 3.65% to 5.15%, based on the company's market capitalization.
San Francisco-based Medivation, Inc. is a biopharmaceutical company that acquires technologies in the late preclinical development phase and develops them cost-effectively.
Proceeds will be used to fund the company's Phase III Alzheimer's disease trials and for the company's general operations.
Issuer: Medivation, Inc.
Issue: Equity line of credit
Amount: Up to $100 million
Price: Discount ranging from 3.65% to 5.15% based on the company's market capitalization
Warrants: No
Announcement date: Sept. 10
| Investor: | Azimuth Opportunity Ltd.
|
| Stock symbol: | Nasdaq: MDVN
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| Stock price: | $19.39 at close Aug. 9
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