Company sells 1,833,342 common shares with warrants at $0.60 per share
By Devika Patel
Knoxville, Tenn., Dec. 19 - Ohr Pharmaceutical Inc. said it completed a $1.1 million private placement of stock with existing investors on Dec. 16.
The company sold 1,833,342 common shares at $0.60 per share. The price per share reflects a 7.69% discount to the Dec. 15 closing share price of $0.65.
Investors also received 916,678 warrants. The warrants are each exercisable at $0.65 for five years. The strike price is identical to the Dec. 15 closing share price.
Proceeds will be used for clinical development of the company's portfolio compounds, Squalamine eye drops and OHR/AVR118, and general corporate purposes.
Ohr is a biotechnology company based in New York.
| Issuer: | Ohr Pharmaceutical Inc.
|
| Issue: | Common stock
|
| Amount: | $1,100,005
|
| Shares: | 1,833,342
|
| Price: | $0.60
|
| Warrants: | 916,678
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $0.65
|
| Settlement date: | Dec. 16
|
| Stock symbol: | OTCBB: OHRP
|
| Stock price: | $0.65 at close Dec. 16
|
| Market capitalization: | $25.81 million
|
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