By Sheri Kasprzak
New York, March 27 - Metabasis Therapeutics, Inc. said it is gearing up to close a direct placement for C$39.69 million.
The company plans to sell 4.9 million shares at $8.10 each to a group of institutional investors. The price per share is a 9.5% discount to the company's $8.96 closing stock price on March 24.
The shares will be sold under the company's shelf registration.
Cowen & Co., LLC is the bookrunner with Piper Jaffray & Co. as co-agent.
The deal is slated to close March 30.
Proceeds will be used for general corporate purposes.
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: | $39.69 million
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| Shares: | 4.9 million
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| Price: | $8.10
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| Warrants: | No
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| Placement agents: | Cowen & Co., LLC (lead), Piper Jaffray & Co.
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| Pricing date: | March 24
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| Settlement date: | March 30
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| Stock symbol: | Nasdaq: MBRX
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| Stock price: | $8.96 at close March 24
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