Insiders participate in offering; proceeds to fund clinical programs
By Toni Weeks
San Diego, Nov. 13 - MethylGene Inc. said it plans a C$26.06 million private placement of units. Participating insiders include Tavistock Life Sciences, Baker Bros. Advisors, LLC, OrbiMed Advisors LLC and Tang Capital Partners, LP.
The company will sell 179,690,970 units of one common share and 0.3 warrants at C$0.145 per unit. The per-unit price is the five-day volume-weighted average price of the common shares on Nov. 2, less 19.4%, according to a press release.
Each whole warrant is exercisable at C$0.174 for five years, a 2.35% premium to the closing share price of C$0.17 on Nov. 12. The warrant price is 97% of the market price and also 120% of the subscription price.
Proceeds will be used to for ongoing clinical programs.
Montreal-based MethylGene is a drug development company focusing on advancing novel therapeutics for cancer and infectious disease in human clinical trials.
| Issuer: | MethylGene Inc.
|
| Issue: | Units of one common share and 0.3 warrants
|
| Amount: | C$26,055,191
|
| Units: | 179,690,970
|
| Price: | C$0.145
|
| Warrants: | 0.3 warrants per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | C$0.174
|
| Investors: | Tavistock Life Sciences, Baker Bros. Advisors, LLC, OrbiMed Advisors LLC and Tang Capital Partners, LP
|
| Pricing date: | Nov. 13
|
| Stock symbol: | TSX Venture: MYG
|
| Stock price: | C$0.17 at close Nov. 12
|
| Market capitalization: | C$46.14 million
|
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