Investor to receive percentage of development program's proceeds
By Angela McDaniels
Tacoma, Wash., Oct. 25 - Omeros Corp. received $20 million from Vulcan Capital and issued warrants for 399,999 shares of common stock to the investor, according to a company news release.
Vulcan Capital received three five-year warrants with exercise prices of $20.00, $30.00 and $40.00 per share, respectively. Each warrant is exercisable for 133,333 shares.
The strike prices are premiums of 173.97%, 310.96% and 447.95%, respectively, to the closing price of the company's stock on Oct. 22.
The proceeds from the investment, along with a $5 million grant award from Washington state's Life Sciences Discovery Fund, will be used to support the advancement of the company's G protein-coupled receptor program.
Vulcan Capital and the Life Sciences Discovery Fund will receive a percentage of the net proceeds generated by the program. The blended percentage payable to Vulcan Capital and the fund is in the mid-teens with respect to the first approximately $1.5 billion of net proceeds and then 1% for net proceeds in excess of $1.5 billion.
Omeros is a Seattle-based biopharmaceutical company focused on inflammation and disorders of the central nervous system.
| Issuer: | Omeros Corp.
|
| Issue: | Cash investment plus three warrants for 133,333 shares each
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| Amount: | $20 million
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| Warrants: | For 399,999 shares
|
| Warrant expiration: | Five years
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| Warrant strike prices: | $20.00 for 133,333 shares, $30.00 for 133,333 shares, $40.00 for 133,333 shares
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| Pricing date: | Oct. 25
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| Stock symbol: | Nasdaq: OMER
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| Stock price: | $7.30 at close Oct. 22
|
| Market capitalization: | $168.89 million
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