Proceeds to be used to advance MGCD265 into Phase 2 clinical trials
By Devika Patel
Knoxville, Tenn., April 4 - MethylGene Inc. announced it settled a C$34.24 million private placement of units. The deal priced March 24.
The company sold 277,494,756 units of one common share and 0.30 warrants at C$0.1243 apiece. Each whole warrant will be exercisable at C$0.1492 for five years. The strike price reflects a 24.33% premium to the closing share price of C$0.12 on March 23.
Investors included a fund managed by Baker Bros. Advisors, LLC, Tavistock Life Sciences, a fund managed by OrbiMed Advisors LLC, funds managed by QVT Financial LP, Tang Capital Partners, LP, ProQuest Investments III, LP and Fonds de solidarite FTQ.
MTS Securities, LLC was the company's financial advisor.
Proceeds will be used to advance MGCD265 into Phase 2 clinical trials in non-small cell lung and other cancer indications.
MethylGene is a biopharmaceutical company based in Montreal.
| Issuer: | MethylGene Inc.
|
| Issue: | Units of one common share and a 0.30 warrants
|
| Amount: | C$34,242,853
|
| Units: | 277,494,756
|
| Price: | C$0.1243
|
| Warrants: | 0.30 warrants per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | C$0.1492
|
| Investors: | Baker Bros. Advisors, LLC, Tavistock Life Sciences, OrbiMed Advisors LLC, funds managed by QVT Financial LP, Tang Capital Partners, LP, ProQuest Investments III, LP and Fonds de solidarite FTQ
|
| Pricing date: | March 24
|
| Settlement date: | April 4
|
| Stock symbol: | Toronto: MYG
|
| Stock price: | C$0.12 at close March 24
|
| Market capitalization: | C$10.1 million
|
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