By Laura Lutz
Des Moines, Oct. 9 - Osiris Therapeutics, Inc. arranged a $30 million financing agreement with Friedli Corporate Finance, Inc.
The financing agreement has a one-year term. Osiris may choose the timing and amount of draws under the facility.
The financing will take the form of either an issue of common stock at market price or three-year notes at Libor plus 400 bps, at Friedli's discretion.
The number of shares issued under the deal may not exceed 10% of Osiris's outstanding share total as of Oct. 5. If shares are issued, they will be priced at the average closing bid price over the 10 trading days before funding.
If notes are issued, they will pay interest semiannually.
Proceeds will be used for clinical trials and other general corporate purposes.
Friedli is owned by Peter Friedli, the chairman of Osiris's board and the company's largest shareholder.
Based in Columbia, Md., Osiris focuses on stem-cell therapeutics.
Issuer: | Osiris Therapeutics, Inc.
|
Issue: | Financing in form of either stock or notes
|
Amount: | $30 million
|
Term: | One year
|
Investor: | Friedli Corporate Finance, Inc.
|
Pricing date: | Oct. 9
|
Stock symbol: | Nasdaq: OSIR
|
Stock price: | $12.76 at close Oct. 8
|
|
If funded in stock
|
Price: | Average closing bid price over 10 trading days before funding
|
Warrants: | No
|
|
If funded in notes
|
Maturity: | Three years
|
Coupon: | Libor plus 400 bps
|
Price: | Par
|
Warrants: | No
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.