New facility replaces similar facility with Azimuth Opportunity
By Angela McDaniels
Tacoma, Wash., May 10 - Omeros Corp. arranged a $40 million committed equity financing facility with Azimuth Opportunity Ltd. Reedland Capital Partners is the agent.
Azimuth has committed to purchase up to $40 million of the company's common shares over two years, according to an 8-K filing with the Securities and Exchange Commission.
The price per share will be the volume-weighted average price of the company's common stock during the 10-day drawdown period minus a discount of 3% to 6%.
Each drawdown is limited to 2.5% of the company's market capitalization.
The new facility replaces a $40 million facility entered into with Azimuth in July 2010. No shares were sold under that facility.
Omeros is a biopharmaceutical company based in Seattle.
| Issuer: | Omeros Corp.
|
| Issue: | Committed equity line financing facility
|
| Amount: | Up to $40 million
|
| Tenor: | Two years
|
| Price: | Discount of 3% to 6%
|
| Warrants: | No
|
| Agent: | Reedland Capital Partners
|
| Investor: | Azimuth Opportunity, Ltd.
|
| Pricing date: | May 10
|
| Stock symbol: | Nasdaq: OMER
|
| Stock price: | $5.13 at close May 10
|
| Market capitalization: | $113.56 million
|
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