By Sheri Kasprzak
New York, Oct. 12 - Ortec International, Inc. said it has received definitive agreements for a $3.3 million private placement.
The company will sell 13.2 million units at $0.25 each to a group of institutional and accredited investors.
The units are comprised of one share and one half-share warrant. Whole warrants allow for the purchase of another share at $0.50 each.
Connected to the offering, holders of $3.5 million in convertible promissory notes due Dec. 31, 2005 have converted the notes into common shares.
Proceeds will be used for enrollment in the company's venous ulcer clinical trial.
New York-based Ortec is a biotechnology company focused on tissue engineering to stimulate the repair and regeneration of human tissue.
| Issuer: | Ortec International, Inc.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | $3.3 million
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| Units: | 13.2 million
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| Price: | $0.25
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| Warrants: | One half-share warrant per unit
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| Warrant strike price: | $0.50
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| Announcement date: | Oct. 12
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| Stock price: | $0.30 at close Oct. 12
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