By Sheri Kasprzak
New York, May 4 - Adherex Technologies Inc. is gearing up to close $6,468,000 private placement of units.
The company will issue 7.7 million units at $0.84 each to mostly new institutional investors.
The units include one share and one third-share warrant. The whole warrants allow for the purchase of another share at $0.97 each for four years.
The deal is slated to close May 8.
Adherex, located in Research Triangle Park, N.C., is a biopharmaceutical company focused on developing treatments for cancer. Its lead compound, ADH-1, selectively targets a protein found in some tumor cells and established blood vessels that feed solid tumors.
| Issuer: | Adherex Technologies Inc.
|
| Issue: | Units of one share and one third-share warrant
|
| Amount: | $6,468,000
|
| Units: | 7.7 million
|
| Price: | $0.84
|
| Warrants: | One third-share warrant per unit
|
| Warrant expiration: | Four years
|
| Warrant strike price: | $0.97
|
| Announcement date: | May 4
|
| Settlement date: | May 8
|
| Stock symbol: | Amex: ADH
|
| Stock price: | $0.89 at close May 4
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