Proceeds will be used for research and development, working capital
By Devika Patel
Knoxville, Tenn., March 11 - Threshold Pharmaceuticals, Inc. said it will conduct a registered direct offering of units. The deal will raise $30.06 million.
The company will sell 14,313,081 units of one common share and a warrant for 0.4 shares at $2.10 per unit. The whole warrants are exercisable at $2.46 for five years. The strike price is a 20.59% premium to the March 10 closing share price of $2.04.
Settlement is expected March 16.
Cowen and Co. is the bookrunner; JMP Securities is co-lead manager and William Blair & Co., LLC is a co-manager.
Proceeds will be used for research and development, working capital and general corporate purposes.
Threshold is a biotechnology company based in Redwood City, Calif., that develops small molecule therapeutics for the potential treatment of cancer.
| Issuer: | Threshold Pharmaceuticals, Inc.
|
| Issue: | Units of one common share and a warrant for 0.4 shares
|
| Amount: | $30,057,470
|
| Units: | 14,313,081
|
| Price: | $2.10
|
| Warrants: | One warrant for 0.4 shares per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $2.46
|
| Managers: | Cowen and Co. (bookrunner), JMP Securities (co-lead manager) and William Blair & Co., LLC (co-manager)
|
| Pricing date: | March 11
|
| Settlement date: | March 16
|
| Stock symbol: | Nasdaq: THLD
|
| Stock price: | $2.04 at close March 10
|
| Market capitalization: | $63.7 million
|
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