By Sheri Kasprzak
New York, Nov.2 - Ortec International, Inc. said it pocketed another $998,150 from its previously announced private placement of units.
The company most recently sold 3,992,600 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 $0.30 each.
Burnham Hill Partners was the placement agent.
On Oct. 14, the company raised $3,300,591 from the offering, selling units of one share and one half-share series F warrant. The warrants in that offering were exercisable at $0.50 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: | $988,150
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| Units: | 3,992,600
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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: | $0.30
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| Placement agent: | Burnham Hill Partners
|
| Settlement date: | Oct. 31
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| Stock price: | $0.34 at close Oct. 31
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