By Devika Patel
Knoxville, Tenn., May 4 - Oxygen Biotherapeutics, Inc. announced a $5 million registered direct offering of stock.
The company will sell 1,724,138 common shares at $2.90 per share. Investors also will receive warrants for 732,758 shares, which are exercisable at $5.32 for five years.
Roth Capital Partners, LLC is the agent for the deal. Settlement is expected May 7.
Proceeds will be used to further clinical trials and efforts to obtain regulatory approval of Oxycyte, to develop other product candidates, to support manufacturing and distribution capabilities for Dermacyte Oxygen Concentrate, for research and development and for general corporate purposes, including working capital and potential acquisitions.
Oxygen is a biotechnology company based in Costa Mesa, Calif., that is focused on developing Oxycyte, a product alternative to transfused blood for use in surgical and similar medical situations.
| Issuer: | Oxygen Biotherapeutics, Inc.
|
| Issue: | Common shares
|
| Amount: | $5 million
|
| Shares: | 1,724,138
|
| Price: | $2.90
|
| Warrants: | For 732,758 shares
|
| Warrant strike price: | $5.32
|
| Warrant expiration: | Five years
|
| Agent: | Roth Capital Partners, LLC
|
| Pricing date: | May 4
|
| Settlement date: | May 7
|
| Stock symbol: | Nasdaq: OXBT
|
| Stock price: | $4.84 at close May 3
|
| Market capitalization: | $87.4 million
|
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