Deal to span two years; investor receives 132,743 commitment shares
By Devika Patel
Knoxville, Tenn., Jan. 24 - BG Medicine, Inc. negotiated a $12 million two-year common stock purchase agreement with Aspire Capital Fund, LLC on Jan. 24, according to an 8-K filed Thursday with the Securities and Exchange Commission. The company also said it plans to sell its stock in a public offering with a 30-day greenshoe. Lazard Capital Markets LLC is the sole bookrunning manager for the public sale, which is expected to price Friday.
The investor will buy company shares at a price based on market prices. The tranches will consist of up to 100,000 common shares per trading day or up to 30% of the volume traded on the purchase date at a price equal to the lesser of the closing sale price or 95% of the volume-weighted average price for such purchase date.
Aspire also received 132,743 shares as a commitment fee.
Proceeds will be used for general corporate purposes and working capital requirements.
BG Medicine is a Waltham, Mass., life sciences company focused on biomarker-based cardiovascular diagnostics.
| Issuer: | BG Medicine, Inc.
|
| Issue: | Common stock purchase agreement
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| Amount: | $12 million
|
| Tenor: | Two years
|
| Price: | 5% discount
|
| Warrants: | No
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| Investor: | Aspire Capital Fund, LLC
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| Fees: | 132,743 shares
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| Settlement date: | Jan. 24
|
| Stock symbol: | Nasdaq: BGMD
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| Stock price: | $2.30 at close Jan. 23
|
| Market capitalization: | $50.84 million
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