Greenshoe fully exercised for $3 million; deal funds working capital
By Devika Patel
Knoxville, Tenn., Nov. 6 - Athersys, Inc. said it settled its $23 million public offering of shares. The deal was announced on Oct. 9 and priced for $20 million with a $3 million greenshoe on Oct. 26.
The company sold 22,772,300 shares at $1.01 per share, which was the closing price of its stock on Oct. 25. Of the shares, 2,970,300 were part of the fully exercised greenshoe.
Piper Jaffray & Co. was the bookrunner.
Proceeds will be used for working capital and general corporate purposes, including the funding of its ongoing clinical trials.
"We believe that the financing puts the company in a strong financial position to achieve important clinical development and business milestones," president and chief executive officer William (B.J.) Lehmann said in a press release.
Athersys is a biopharmaceutical company based in Cleveland.
| Issuer: | Athersys Inc.
|
| Issue: | Common stock
|
| Amount: | $23 million (including $3 million greenshoe)
|
| Shares: | 22,772,300
|
| Price: | $1.01
|
| Warrants: | No
|
| Bookrunner: | Piper Jaffray & Co.
|
| Co-manager: | First Analysis Securities Corp.
|
| Pricing date: | Oct. 26
|
| Settlement date: | Nov. 6
|
| Stock symbol: | Nasdaq: ATHX
|
| Stock price: | $1.01 at close Oct. 25
|
| Market capitalization: | $31.22 million
|
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