Funds to be used for working capital, product development and research
By Devika Patel
Knoxville, Tenn., Nov. 18 – MYOS Corp. said it plans a $1.82 million registered direct offering of shares.
The company will sell 193,865 common shares at $9.37 per share. The price per share is identical to the Nov. 17 closing share price.
Investors also will receive class C warrants for 145,399 shares, class D warrants for 193,865 shares and class E warrants for 145,399 shares. The class C warrants are exercisable at $12.00 for 66 months; the class D warrants are exercisable at $9.37 for six months; and the class E warrants are exercisable at $15.00 for 84 months. The strike prices of the class C and class E warrants are 28.07% and 60.09% premiums to the Nov. 17 closing share price. The strike price of the class D warrants is identical to the Nov. 17 closing share price.
Chardan Capital Markets, LLC is the agent.
Settlement is expected Nov. 20.
Proceeds will be used for general corporate purposes, including working capital, product development and research and development.
“We are preparing for an exciting 2015 on multiple fronts. Our key priorities remain the successful launch of MYOS-branded portfolio of products in the U.S., which we expect in early first half of 2015, signing agreements with leading distributors and the continuation of our basic research and initiation of additional clinical studies of our flagship product, Fortetropin,” president and chief operating officer Peter Levy said in a press release, “This capital raise is an important step forward in executing our strategy.”
The Cedar Knolls, N.J., company develops and commercializes therapeutic products, nutritional supplements and other technologies to improve the health and performance of muscle tissue.
| Issuer: | MYOS Corp.
|
| Issue: | Common shares
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| Amount: | $1,816,515
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| Shares: | 193,865
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| Price: | $9.37
|
| Warrants: | Class C warrants for 145,399 shares, class D warrants for 193,865 shares and class E warrants for 145,399 shares
|
| Warrant expiration: | 66 months (class C), six months (class D), 84 months (class E)
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| Warrant strike price: | $12.00 (class C), $9.37 (class D), $15.00 (class E)
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| Agents: | Chardan Capital Markets, LLC
|
| Pricing date: | Nov. 18
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| Settlement date: | Nov. 20
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| Stock symbol: | Nasdaq: MYOS
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| Stock price: | $9.37 at close Nov. 17
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| Market capitalization: | $25.5 million
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