Deal finances corporate purposes, operations and clinical development
By Devika Patel
Knoxville, Tenn., April 7 - Adeona Pharmaceuticals, Inc. said it arranged a $3.5 million registered direct offering of stock.
The company will sell 1,688,782 common shares at about $2.0725 apiece. The price per share is a 0.36% discount to the April 6 closing share price of $2.08.
Investors also will receive warrants for about 844,391 shares, which are exercisable at $2.0725 for five years. The strike price also reflects a 0.36% discount to the April 6 closing price.
Chardan Capital Markets is the agent.
Settlement is expected April 11.
Proceeds will be used for general corporate purposes, including conducting operations and advancing clinical development programs.
Adeona is an Ann Arbor, Mich., developer of innovative medicines for serious central nervous system diseases.
| Issuer: | Adeona Pharmaceuticals, Inc.
|
| Issue: | Common stock
|
| Amount: | $3.5 million
|
| Shares: | 1,688,782
|
| Price: | $2.0725 (approximate)
|
| Warrants: | For about 844,391 shares
|
| Warrant expiration: | 13 months
|
| Warrant strike price: | $2.0725
|
| Agent: | Chardan Capital Markets
|
| Pricing date: | April 7
|
| Settlement date: | April 11
|
| Stock symbol: | Amex: AEN
|
| Stock price: | $2.08 at close April 6
|
| Market capitalization: | $46.08 million
|
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