By Sheri Kasprzak
New York, Dec. 8 - Questcor Pharmaceuticals, Inc. is getting ready to complete a $13,902,500 direct placement.
The company plans to sell 10.51 million shares at $1.20 each to institutional investors and 890,000 shares at $1.45 each to insiders.
The shares will be sold under the company's shelf registration.
BMO Capital Markets was the placement agent.
Proceeds will be used for the acquisition of businesses, technologies or products; for product development; and for working capital and general corporate purposes.
Union City, Calif.-based Questcor develops treatments for neurological disorders.
| Issuer: | Questcor Pharmaceuticals, Inc.
|
| Issue: | Stock
|
| Amount: | $13,902,500
|
| Shares: | 11.4 million
|
| Price: | $1.20 for 10.51 million shares; $1.45 for 890,000 shares
|
| Warrants: | No
|
| Placement agent: | BMO Capital Markets
|
| Announcement date: | Dec. 8
|
| Stock symbol: | Amex: QSC
|
| Stock price: | $1.64 at close Dec. 7
|
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