By Sheri Kasprzak
New York, Oct. 14 - Ortec International, Inc. said it has settled its previously announced $3,300,591 private placement of units.
The company issued 13,202,364 units at $0.25 each to a group of institutional investors.
The units include one share and one half-share series F warrant. The whole warrants are exercisable at $0.50 each.
Burnham Hill Partners was the placement agent for the offering.
In conjunction with the private placement, holders of $3.5 million in convertible promissory notes due Dec. 31, 2005 converted the notes into common shares at $0.83 each.
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: | $3,300,591
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Units: | 13,202,364
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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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Placement agent: | Burnham Hill Partners
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Settlement date: | Oct. 12
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Stock price: | $0.30 at close Oct. 12
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