By Sheri Kasprzak
New York, June 11 - Athersys, Inc. wrapped a $65 million private placement of shares.
The company sold 13 million shares at $5.00 each to a group of institutional and other investors led by Radius Ventures.
The investors also included OrbiMed Advisors, RA Capital Management, Accipiter Capital Management LLC, Hambrecht & Quist Capital Management LLC, MPM BioEquities and Pappas Ventures.
The investors also received warrants for an undisclosed number of shares each exercisable at $6.00.
Cowen & Co., LLC and National Securities Corp. were the agents for the deal.
The offering was completed as part of Athersys' reverse merger with BTHC VI, Inc. BTHC plans to change its name to Athersys as soon as the requirements are met.
Proceeds will be used for clinical development of the company's lead candidate ATHX-105 to treat obesity, and for its non-embryonic stem cell product, MultiStem to treat cardiovascular disorders, bone marrow transplantation support and other diseases. The rest will be used for preclinical development, debt repayment and working capital and general corporate purposes.
Cleveland-based Athersys is a biotechnology company focused on developing treatments for obesity and other health problems.
| Issuer: | Athersys, Inc.
|
| Issue: | Stock
|
| Amount: | $65 million
|
| Shares: | 13 million
|
| Price: | $5.00
|
| Warrants: | Undisclosed number
|
| Warrant strike price: | $6.00
|
| Investors: | Radius Ventures (lead), OrbiMed Advisors, RA Capital Management, Accipiter Capital Management LLC, Hambrecht & Quist Capital Management LLC, MPM BioEquities, Pappas Ventures
|
| Placement agents: | Cowen & Co., LLC and National Securities Corp.
|
| Settlement date: | June 11
|
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