By Sheri Kasprzak
New York, Dec. 7 - Acusphere, Inc. said it plans to close a direct placement of units for $25,462,948 early next week.
The company plans to issue to a group of institutional investors 9,259,254 units of one share and one warrant for four-tenths of a share at $2.75 per unit. Each whole warrant is exercisable at $3.11 through Dec. 12, 2011.
The unit price represents only a 1.1% premium to the company's $2.72 closing stock price on Wednesday.
The units will be issued under the company's shelf registration.
Cowen & Co., LLC was the placement agent.
The deal is scheduled to close Dec. 12.
Based in Watertown, Mass., Acusphere develops treatments for asthma, cardiovascular disease and cancer using a porous microparticle technology.
| Issuer: | Acusphere, Inc.
|
| Issue: | Units of one share and one warrant for 0.4 of a share
|
| Amount: | $25,462,948
|
| Units: | 9,259,254
|
| Price: | $2.75
|
| Warrants: | One warrant for 0.4 of a share per unit
|
| Warrant expiration: | Dec. 12, 2011
|
| Warrant strike price: | $3.11
|
| Placement agent: | Cowen & Co., LLC
|
| Announcement date: | Dec. 7
|
| Settlement date: | Dec. 12
|
| Stock symbol: | Nasdaq: ACUS
|
| Stock price: | $2.50 at close Dec. 7
|
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