By Sheri Kasprzak
New York, Dec. 27 - MicroIslet Inc. said it has received agreements for a $3,427,500 private placement.
A group of institutional and other investors agreed to buy 2,285,000 at $1.50 each.
The investors will also receive warrants for 1,142,500 shares, exercisable for five years.
Proceeds will be used for working capital and the development of the company's MicroIslet-PTM product candidate.
The deal was scheduled to close on Dec. 27.
Based in San Diego, MicroIslet is a biotechnology company focused on transplantation therapy for people with insulin-dependent diabetes.
Issuer: | MicroIslet Inc.
|
Issue: | Stock
|
Amount: | $3,427,500
|
Shares: | 2,285,000
|
Price: | $1.50
|
Warrants: | For 1,142,500 shares
|
Warrant expiration: | Five years
|
Warrant strike price: | $1.65
|
Settlement date: | Dec. 27
|
Stock price: | $1.60 at close Dec. 27
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.