By Devika Patel
Knoxville, Tenn., Oct. 20 - A.P. Pharma, Inc. said it plans to raise about $8.1 million in a private placement of stock. It may sell another $5 million of shares in a future tranche.
The company will sell about 8 million common shares at $0.88 per share.
The investors also will but warrants for approximately 4 million shares at $0.125 apiece, which are each exercisable at $0.88 until Jan. 7, 2015.
The investors will also have the option of buying an additional 5.2 million shares at $0.97 per share prior to May 14, 2010.
Proceeds will be used to support the company's operations and manufacturing, development and regulatory activities needed to gain approval for APF530.
A.P. is a Redwood City, Calif., specialty pharmaceutical company.
| Issuer: | A.P. Pharma, Inc.
|
| Issue: | Common stock
|
| Amount: | $8.1 million (approximate)
|
| Shares: | 8 million (approximate)
|
| Price: | $0.88 (plus $0.125 per warrant)
|
| Warrants: | For approximately 4 million shares
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| Warrant expiration: | Jan. 7, 2015
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| Warrant strike price: | $0.88
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| Pricing date: | Oct. 20
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| Stock symbol: | Nasdaq: APPA
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| Stock price: | $0.88 at close Oct. 19
|
| Market capitalization: | $26.7 million
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