By Sheri Kasprzak
New York, Jan. 8 - Targeted Genetics Corp. is gearing up to close an $8.72 million private placement.
The company will sell 2.18 million shares at $4.00 each to a group of institutional investors, including Special Situations Fund's Special Situations Life Sciences Fund and Special Situations Fund III. Greenway Capital also participated in the offering. The price per share represents a 16% discount to the company's 45-day trailing average closing stock price.
The investors will also receive warrants for 763,000 shares, exercisable at $5.41 each.
The deal is set to close Jan. 11.
Proceeds will be used for clinical and preclinical programs as well as for working capital and general corporate purposes.
Pacific Growth Equities, LLC was the placement agent.
Seattle-based Targeted Genetics develops molecular therapies to treat acquired and inherited diseases like inflammatory arthritis, AIDS prophylaxis, congestive heart failure and Huntington's disease.
| Issuer: | Targeted Genetics Corp.
|
| Issue: | Stock
|
| Amount: | $8.72 million
|
| Shares: | 2.18 million
|
| Price: | $4.00
|
| Warrants: | For 763,000 shares
|
| Warrant strike price: | $5.41
|
| Investors: | Special Situations Life Sciences Fund, Special Situations Fund III, Greenway Capital
|
| Placement agent: | Pacific Growth Equities, LLC
|
| Announcement date: | Jan. 8
|
| Settlement date: | Jan. 11
|
| Stock symbol: | Nasdaq: TGEN
|
| Stock price: | $5.41 at close Jan. 5
|
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