By Sheri Kasprzak
New York, Oct. 3 - Metabasis Therapeutics, Inc. said it has completed a $41.3 million private placement.
The company sold 7,047,782 shares at $5.86 each to new and existing institutional investors.
The investors also received warrants for 2.45 million shares, exercisable at $6.74 each.
SG Cowen & Co. LLC was the bookrunner for the offering, and Rodman & Renshaw LLC was a placement agent.
Proceeds will be used for working capital and the development of the company's treatments for liver cancer, type 2 diabetes and high cholesterol.
Based in San Diego, Metabasis is a biopharmaceutical company focused on the development of treatments for chronic diseases involving the pathway to the liver.
| Issuer: | Metabasis Therapeutics, Inc.
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| Issue: | Stock
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| Amount: | $41.3 million
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| Shares: | 7,047,782
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| Price: | $5.86
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| Warrants: | For 2.45 million shares
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| Warrant strike price: | $6.74
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| Placement agents: | SG Cowen & Co. LLC (lead); Rodman & Renshaw LLC
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| Settlement date: | Oct. 3
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| Stock price: | $5.83 at close Sept. 30
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