Units of one common share, two half-share warrants sold at $1.45 each
By Devika Patel
Knoxville, Tenn., Nov. 2 - Access Pharmaceuticals, Inc. said it arranged a $5.2 million private placement of units with agents Cowen and Co., LLC and Rodman & Renshaw LLC.
The company will sell units of one common share and two half-share warrants at $1.45 per unit.
One of the warrants will be exercisable at $1.67 for 30 months, with the other exercisable at $2.00 for five years. The strike prices are a 2.34% discount and 16.96% premium to the Nov. 1 closing share price of $1.71.
Settlement is expected Nov. 7.
Proceeds will be used to significantly advance MuGard in the United States and globally.
Dallas-based Access Pharmaceuticals is a biopharmaceutical company focused on treatment and care for cancer patients.
| Issuer: | Access Pharmaceuticals, Inc.
|
| Issue: | Units of one common share and two half-share warrants
|
| Amount: | $5.2 million
|
| Price: | $1.45
|
| Warrants: | Two half-share warrants per unit
|
| Warrant expiration dates: | 30 months, five years
|
| Warrant strike prices: | $1.67, $2.00
|
| Agents: | Cowen and Co., LLC and Rodman & Renshaw LLC
|
| Pricing date: | Nov. 2
|
| Settlement date: | Nov. 7
|
| Stock symbol: | OTCBB: ACCP
|
| Stock price: | $1.71 at close Nov. 1
|
| Market capitalization: | $26.79 million
|
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