By Sheri Kasprzak
New York, July 20 - MultiCell Technologies Inc. concluded a private placement of series B convertible preferred stock for $1.7 million.
The company sold 17,000 shares of the preferreds at $100.00 each.
The preferreds are convertible into common shares at $0.32 each.
The investors received warrants for 10.5 million shares, exercisable at $0.35 each through July 14, 2011.
Proceeds will be used for research and development, including moving its MCT 125 multiple sclerosis fatigue drug into phase 3 clinical trials. The remaining proceeds will be used for working capital and general corporate purposes.
San Diego-based MultiCell is a biopharmaceutical company focused on treatments for neurological, metabolic and endocrine disorders.
| Issuer: | MultiCell Technologies Inc.
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| Issue: | Series B convertible preferred stock
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| Amount: | $1.7 million
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| Shares: | 17,000
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| Price: | $100.00
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| Conversion price: | $0.32
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| Warrants: | For 10.5 million shares
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| Warrant expiration: | July 14, 2011
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| Warrant strike price: | $0.35
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| Settlement date: | July 14
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| Stock symbol: | OTCBB: MCET
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| Stock price: | $0.38 at close July 14
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