By Sheri Kasprzak
New York, April 11 - Oscient Pharmaceuticals Corp. has completed its previously announced private placement for $35.9 million.
The company sold 18,601,036 shares at $1.93 each to a group of institutional and accredited investors.
The deal was oversubscribed from the originally announced $34.74 million offering of 18 million shares.
The investors received warrants for 9 million shares, exercisable at $2.22 each for five years.
Proceeds will be used for the commercialization of the company's Factive and Testim products, as well as the completion of milestones associated with the company's Ramoplanin phase 3 clinical development program.
JMP Securities and Thomas Weisel Partners were the placement agents.
Waltham, Mass.-based Oscient is a biopharmaceutical company focused on antibiotic products.
Issuer: | Oscient Pharmaceuticals Corp.
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Issue: | Stock
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Amount: | $35.9 million
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Shares: | 18,601,036
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Price: | $1.93
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Warrants: | For 9 million shares
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Warrant expiration: | Five years
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Warrant strike price: | $2.22
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Placement agents: | JMP Securities, Thomas Weisel Partners
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Announcement date: | April 6
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Settlement date: | April 11
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Stock symbol: | Nasdaq: OSCI
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Stock price: | $1.89 at close April 6
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Stock price: | $1.67 at close April 11
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