By Sheri Kasprzak
New York, Sept. 29 - Onyx Pharmaceuticals, Inc. sealed a $150 million common stock equity financing facility with Azimuth Opportunity Ltd.
Azimuth agreed to buy shares of Onyx over two years at a discount ranging from 3.3% to 5.05% of the volume weighted average price for the 10 consecutive trading days before a draw.
Reedland Capital Partners was the placement agent.
Proceeds will be used for the commercialization and development of the company's Nexavar product for kidney cancer as well as for working capital and general corporate purposes.
Onyx, based in Emeryville, Calif., is a pharmaceutical company focused on developing therapies to treat cancer.
| Issuer: | Onyx Pharmaceuticals, Inc.
|
| Issue: | Common stock equity financing facility
|
| Amount: | $150 million
|
| Tenor: | Two years
|
| Price: | Discount of 3.3% to 5.05% of the VWAP for the 10 trading days before a draw
|
| Warrants: | No
|
| Investor: | Azimuth Opportunity Ltd.
|
| Placement agent: | Reedland Capital Partners
|
| Settlement date: | Sept. 29
|
| Stock symbol: | Nasdaq: ONXX
|
| Stock price: | $17.29 at close Sept. 29
|
© 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.
