Mayne Pharma to purchase 33.33 million shares with five-year warrants
By Marisa Wong
Madison, Wis., May 18 – HedgePath Pharmaceuticals, Inc. announced a $2.5 million private common stock and warrant financing.
HedgePath will sell 33,333,333 shares of common stock to Mayne Pharma Group Ltd. and a five-year warrant to purchase an additional 33,333,333 shares, according to a press release.
HedgePath will use this funding to accelerate its development program, which is focused on the treatment of certain cancers using Mayne Pharma’s patented oral formulation of the currently approved anti-fungal drug itraconazole, known as SUBA-Itraconazole, for which HedgePath has exclusive U.S. rights in the field of cancer.
The transaction will bring Mayne Pharma’s position in HedgePath to 49.5% of the currently outstanding common stock.
The financing is expected to close within five business days.
HedgePath is a clinical stage biopharmaceutical company with offices in Tampa, Fla., and San Diego.
| Issuer: | HedgePath Pharmaceuticals, Inc.
|
| Issue: | Common stock, warrants
|
| Amount: | $2.5 million
|
| Shares: | 33,333,333
|
| Warrants: | For 33,333,333 shares
|
| Warrant expiration: | Five years
|
| Investor: | Mayne Pharma Group Ltd.
|
| Announcement date: | May 18
|
| Stock symbol: | OTCQB: HPPI
|
| Stock price: | $0.20 at close May 11
|
| Market capitalization: | $42.28 million
|
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