By Sheri Kasprzak
Atlanta, Dec. 20 - Aradigm Corp. said Monday it received $12.45 million in a private placement.
The company sold 8.3 million shares at $1.50 each.
The shares are priced at a 16% discount to the closing price on the commitment date, according to a statement from the company.
Investors in the deal also received warrants for 2,083,347 shares at $2.10 each.
SG Cowen & Co. LLC was lead placement agent in the offering with Punk, Ziegel & Co. as co-agent.
Hayward, Calif.-based Aradigm develops non-invasive delivery systems that allow patients to self-administer biopharmaceuticals and small molecules that would have normally been delivered by injection. The proceeds from the deal will be used for the advancement of the company's research and development efforts, working capital and general operations.
| Issuer: | Aradigm Corp.
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| Issue: | Stock
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| Amount: | $12.45 million
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| Shares: | 8.3 million
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| Price: | $1.50
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| Warrants: | For 2,083,347 shares
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| Warrant strike price: | $2.10
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| Placement agents: | SG Cowen & Co. LLC (lead); Punk, Ziegel & Co.
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| Settlement date: | Dec. 20
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| Stock price: | $1.84 at close Dec. 17
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