By Sheri Kasprzak
New York, March 3 - OrthoLogic Corp. said it has completed a private placement with PharmaBio Development Inc. for $2 million.
The company issued 359,279 shares at $5.5667 each to PharmaBio, which is an affiliate of Quintiles Transnational Corp. and Quintiles, Inc.
The investor has the right to buy up to $1.5 million in additional shares on June 30 and Sept. 29.
PharmaBio will receive warrants equal to 13% of the shares purchased in each closing. The warrants are exercisable for 10 years at a price equal to 115% of the share price.
Based in Tempe, Ariz., OrthoLogic develops therapies for orthopedic ailments.
| Issuer: | OrthoLogic Corp.
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| Issue: | Stock
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| Amount: | $2 million
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| Shares: | 359,279
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| Price: | $5.5667
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| Warrants: | For 46,706 shares
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| Warrant expiration: | 10 years
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| Warrant strike price: | $6.40
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| Investor: | PharmaBio Development Inc.
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| Settlement date: | Feb. 27
|
| Stock symbol: | OTCBB: OLGC
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| Stock price: | $5.82 at close Feb. 27
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