Published on 7/31/2007 in the Prospect News PIPE Daily.
New Issue: Orthovita settles $32.5 million stock offering
By Sheri Kasprzak
New York, July 31 - Orthovita, Inc. concluded a private placement of stock for $32,517,054.
The company sold 12,317,066 shares at $2.64 each to Essex Woodland Health Ventures Fund VII, LP; Lehman Brothers Inc.; Magnetar Capital Master Fund, Ltd.; W.H.I. Growth Fund Q.P., LP; WHI Select Fund, LP; Panacea Fund, LLC; and Stephen F. Wiggins.
Also, the company entered into a note and warrant agreement with those investors for up to $45 million.
The 10% notes are due July 30, 2012 and include warrants for 1,466,276 shares, exercisable at $3.41 each through July 30, 2012.
So far, the company has sold $25 million in principal of the notes.
Orthovita, based in Malvern, Pa., develops synthetic biomaterials used in spinal surgery.
Stock offering
| Issuer: | Orthovita, Inc.
|
| Issue: | Stock
|
| Amount: | $32,517,054
|
| Shares: | 12,317,066
|
| Price: | $2.64
|
| Warrants: | No
|
| Investors: | Essex Woodland Health Ventures Fund VII, LP; Lehman Brothers Inc.; Magnetar Capital Master Fund, Ltd.; W.H.I. Growth Fund Q.P., LP; WHI Select Fund, LP; Panacea Fund, LLC; and Stephen F. Wiggins
|
| Settlement date: | July 30
|
| Stock symbol: | Nasdaq: VITA
|
| Stock price: | $3.17 at close July 30
|
|
|
| Note offering
|
| Issuer: | Orthovita, Inc.
|
| Issue: | Notes
|
| Amount: | $45 million (maximum)
|
| Maturity: | July 30, 2012
|
| Coupon: | 10%
|
| Price: | Par
|
| Yield: | 10%
|
| Warrants: | For 1,466,276 shares
|
| Warrant expiration: | July 30, 2012
|
| Warrant strike price: | $3.41
|
| Investors: | Essex Woodland Health Ventures Fund VII, LP; Lehman Brothers Inc.; Magnetar Capital Master Fund, Ltd.; W.H.I. Growth Fund Q.P., LP; WHI Select Fund, LP; Panacea Fund, LLC; and Stephen F. Wiggins
|
| Settlement date: | July 30
|
| Stock symbol: | Nasdaq: VITA
|
| Stock price: | $3.17 at close July 30
|
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