By Devika Patel
Knoxville, Tenn., Aug. 8 - OPKO Health, Inc. said it has arranged a $15 million private placement of stock.
The company will sell 13,513,514 common shares at $1.11 per share to a group of investors led by members of the Frost Group, a private investment group controlled by OPKO chairman and chief executive officer Dr. Phillip Frost.
The issued shares will be restricted securities, subject to a two year lock-up, without registration rights.
The Frost Group also includes OPKO's vice chairman and chief technical officer, Jane Hsiao; the company's executive vice president-administration, Steven D. Rubin; and the company's chief financial officer, Rao Uppaluri.
Proceeds will be used to fund research and development efforts, including the ongoing phase 3 trial for Bevasiranib, and for general working capital
Based in Miami, OPKO Health is a health care company.
| Issuer: | OPKO Health, Inc.
|
| Issue: | Common shares
|
| Amount: | $15 million
|
| Shares: | 13,513,514
|
| Price: | $1.11
|
| Warrants: | No
|
| Investor: | Frost Group
|
| Pricing date: | Aug. 8
|
| Stock symbol: | Amex: OPK
|
| Stock price: | $1.83 at close Aug. 7
|
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