By Devika Patel
Knoxville, Tenn., March 26 - Osiris Therapeutics Inc. arranged a $2.5 million private placement of a convertible promissory note on March 24, according to an 8-K filed Wednesday with the Securities and Exchange Commission. The company sold $5.5 million of convertible promissory notes with similar terms on March 19.
The March 24 note, which was sold to the company's board of directors' chairman and largest shareholder, Peter Friedli, matures on Nov. 30, carries a 2% coupon, is convertible at any time into common shares at $12.17 per share and is redeemable after the company gives Friedli 30 days' notice.
Proceeds will be used to further the company's clinical trial activities and 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: | $2.5 million
|
| Maturity: | Nov. 30
|
| Coupon: | 2%
|
| Price: | Par
|
| Yield: | 2%
|
| Conversion price: | $12.17
|
| Warrants: | No
|
| Investor: | Peter Friedli
|
| Pricing date: | March 24
|
| Stock symbol: | Nasdaq: OSIR
|
| Stock price: | $12.17 at close March 24
|
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