Deal sells 7,929,993 units with half-share warrants at $0.35 per unit
By Devika Patel
Knoxville, Tenn., Aug. 16 – Arno Therapeutics, Inc. settled a $2.28 million tranche of a $2.78 million private placement of units on Aug. 15, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The company is selling 7,929,993 units of one common share and a half-share warrant at $0.35 per unit. It sold 6,501,423 units in the initial tranche.
Each whole warrant is exercisable at $0.4375 for five years. The strike price reflects a 43.91% discount to the Aug. 12 closing share price of $0.78.
Investors included affiliates of chairman Arie Belldegrun, OPKO Health, Inc., Commercial Street Capital LLC, Pontifax, Bonderman Family LP, Perceptive Advisors LLC and Auriga Capital Management.
Proceeds will be used for clinical development of lead product candidate onapristone and general corporate purposes.
Based in Parsippany, N.J., Arno is a clinical-stage biopharmaceutical company focused on developing oncology therapeutics.
| Issuer: | Arno Therapeutics, Inc.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | $2,775,498
|
| Units: | 7,929,993
|
| Price: | $0.35
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Five years
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| Warrant strike price: | $0.4375
|
| Investors: | Affiliates of Arie Belldegrun, OPKO Health, Inc., Commercial Street Capital LLC, Pontifax, Bonderman Family LP, Perceptive Advisors LLC and Auriga Capital Management
|
| Settlement date: | Aug. 15 (for $2,275,498)
|
| Stock symbol: | OTCBB: ARNI
|
| Stock price: | $0.78 at close Aug. 12
|
| Market capitalization: | $22.43 million
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