Deal's proceeds slated for clinical development of torezolid phosphate
By Devika Patel
Knoxville, Tenn., May 25 - Trius Therapeutics, Inc. negotiated a $30.16 million private placement of units on May 24, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The company will sell 4.75 million units of one common share and one warrant for 0.35 of a share at $6.35 per unit. Each whole warrant is exercisable at $8.50 for five years beginning on Nov. 27, 2011. The strike price is an 11.7% premium to the May 23 closing share price of $7.61.
Settlement is expected May 31.
Piper Jaffray & Co. is the lead agent, and Ladenburg Thalmann & Co. Inc. is the co-placement agent. Citigroup Global Markets Inc. is the company's financial adviser.
Proceeds will be used for clinical development of torezolid phosphate and for general corporate purposes.
Based in San Diego, Trius is a biopharmaceutical company focused on the discovery, development and commercialization of antibiotics for serious, life-threatening infections.
| Issuer: | Trius Therapeutics, Inc.
|
| Issue: | Units of one common share and a warrant for 0.35 of a share
|
| Amount: | $30,162,500
|
| Units: | 4.75 million
|
| Price: | $6.35
|
| Warrants: | One warrant for 0.35 of a share per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | $8.50
|
| Agent: | Piper Jaffray & Co. (lead), Ladenburg Thalmann & Co. Inc.
|
| Pricing date: | May 24
|
| Settlement date: | May 31
|
| Stock symbol: | Nasdaq: TSRX
|
| Stock price: | $7.98 at close May 24
|
| Market capitalization: | $183.66 million
|
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