Deal gives seven-year warrants for 100,602 shares exercisable at $9.94
By Susanna Moon
Chicago, May 17 – Omeros Corp. said it added $20 million of unrestricted cash by funding the remaining tranches of its credit facility with Oxford Finance LLC and East West Bank.
Omeros will issue seven-year warrants for up to 100,602 shares of the company’s common stock at an exercise price per share of $9.94, the closing price of the company’s stock on May 16.
All loan payments will be interest-only until Aug. 1, 2017, according to a company announcement. The final payment fee rate will increase to 6.25% from 5.25%, reflecting the accelerated drawdown of these additional funds.
“We appreciate our partners, Oxford and East West, funding the two additional $10 million tranches,” Gregory A. Demopulos, chairman and chief executive officer of Omeros, said in the release. “Together with growing Omidria sales, the amount provided will support further development of our pipeline.”
Omeros is a biopharmaceutical company based in Seattle.
| Issuer: | Omeros Corp.
|
| Issue: | Credit facility
|
| Amount: | $20 million
|
| Coupon: | 5.25% initially, stepping up to 6.25% to reflect accelerated drawdown of additional funds
|
| Warrants: | For 100,602 shares
|
| Warrant expiration: | Seven years
|
| Warrant strike price: | $9.94
|
| Investors: | Oxford Finance LLC and East West Bank
|
| Pricing date: | May 17
|
| Settlement date: | May 18
|
| Stock symbol: | Nasdaq: OMER
|
| Stock price: | $9.94 at close May 16
|
| Market capitalization: | $423.94 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.
