New Issue: Transdel wraps $4 million private placement of shares, warrants

By Devika Patel

Knoxville, Tenn., May 15 - Transdel Pharmaceuticals, Inc. said it completed a $4 million private placement of stock and warrants.

The company sold 1,818,180 common shares at $2.20 each.

The investors also received warrants for 227,272 common shares, exercisable for five years at $4.40 in cash or $5.50 in a cashless exercise.

Proceeds will be used primarily to fund the company's Phase 3 clinical program of Ketotransdel, the company's lead topical pain drug.

Transdel is a pharmaceutical company based in La Jolla, Calif.

Issuer:	Transdel Pharmaceuticals, Inc.
Issue:	Common stock, warrants
Amount:	$3,999,996
Shares:	1,818,180
Price:	$2.20
Warrants:	For 227,272 shares
Warrant expiration:	Five years
Warrant strike price:	$4.40 (cash), $5.50 (cashless)
Settlement date:	May 15
Stock symbol:	OTCBB: TDLP
Stock price:	$1.50 at close May 14

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