By Devika Patel
Knoxville, Tenn., March 25 - Osiris Therapeutics Inc. negotiated a $5.5 million private placement of convertible promissory notes on March 19, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
The notes mature on Nov. 30, 2008, carry a 2% coupon, are convertible at any time into common shares at $12.04 per share and are redeemable after the company gives holders 30 days' notice.
Proceeds will be used to further the company's clinical trial activities and for general corporate purposes.
Based in Columbia, Md., Osiris Therapeutics is a stem cell therapeutic company focused on developing and marketing products to treat medical conditions in the inflammatory, orthopedic and cardiovascular areas.
| Issuer: | Osiris Therapeutics Inc.
|
| Issue: | Convertible promissory notes
|
| Amount: | $5.5 million
|
| Maturity: | Nov. 30, 2008
|
| Coupon: | 2%
|
| Price: | Par
|
| Yield: | 2%
|
| Conversion price: | $12.04
|
| Warrants: | No
|
| Pricing date: | March 19
|
| Stock symbol: | Nasdaq: OSIR
|
| Stock price: | $12.10 at close March 19
|
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