By Devika Patel
Knoxville, Tenn., July 2 - MiddleBrook Pharmaceuticals, Inc. said it will take in $100 million in a private placement of stock.
The company will sell 30,303,030 common shares at $3.30 per share to Equity Group Investments, LLC.
Equity Group also will receive a five-year warrant to purchase 12,121,212 shares at $3.90 apiece.
MiddleBrook will use the proceeds to support the creation of a sales and marketing infrastructure supporting the commercial launch of Moxatag, for restarting the clinical development of its once-daily Pulsys version of Keflex, as well as the pediatric version of its Amoxicillin Pulsys product that was previously on hold, and for working capital and general corporate purposes.
MiddleBrook is a pharmaceutical company based in Germantown, Md.
| Issuer: | MiddleBrook Pharmaceuticals, Inc.
|
| Issue: | Common shares
|
| Amount: | $100 million
|
| Shares: | 30,303,030
|
| Price: | $3.30
|
| Warrants: | For 12,121,212 shares
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $3.90
|
| Investor: | Equity Group Investments, LLC
|
| Pricing date: | July 2
|
| Stock symbol: | Nasdaq: MBRK
|
| Stock price: | $3.07 at close July 1
|
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