By Angela McDaniels
Tacoma, Wash., Jan. 19 - Ohr Pharmaceutical Inc. raised $1 million through a private placement of common stock and warrants on Friday, according to a company news release.
The securities were issued to holders of the company's series F warrants upon the exercise of 5.6 million warrants at $0.18 each.
The investors received one share of common stock and one replacement warrant for each series F warrant exercised.
The replacement warrants are exercisable at $0.55 for five years and are redeemable by Ohr if its common stock trades at or above $1.10 for 10 consecutive trading days.
The company said the additional funds will allow it to complete its Phase 2 clinical trial of OHR118 for the treatment of cachexia and proceed with reformulation work on Evizon, which is being developed to treat age-related macular degeneration.
Ohr is a biotechnology company based in Dover, Del.
| Issuer: | Ohr Pharmaceutical Inc.
|
| Issue: | Common stock, warrants
|
| Amount: | $1 million
|
| Warrants: | One new warrant for each old warrant exercised
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.55
|
| Settlement date: | Jan. 15
|
| Stock symbol: | OTCBB: OHRPE
|
| Stock price: | $0.52 at close Jan. 14
|
| Market capitalization: | $16.79 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
