Company inks deals with Aspire Capital, Sanford to fund T-Rex Study
By Devika Patel
Knoxville, Tenn., Sept. 15 – Caladrius Biosciences, Inc. said it has negotiated a $21 million private placement of stock and a $4 million registered direct offering with Aspire Capital Fund, LLC.
In the placement, the company will sell 4,449,153 common shares at $4.72 per share in two tranches of $12.6 million and $8.4 million. The price per share is identical to the Sept. 13 closing share price. Sanford Health agreed to invest $5 million in the placement.
In addition, the company plans a $4 million registered direct offering with Aspire Capital Fund, LLC, which consists of 847,458 shares at the same price per share.
Settlement of the first placement tranche is expected Sept. 19.
Proceeds will be used for execution of the company’s T-Rex Study, principal and interest payments on its loan from Oxford Finance, LLC, working capital and general corporate purposes.
The Basking Ridge, N.J., company provides development and manufacturing services to the cell therapy industry.
| Issuer: | Caladrius Biosciences, Inc.
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| Issue: | Common stock
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| Amount: | $25 million
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| Price: | $4.72
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| Warrants: | No
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| Pricing date: | Sept. 15
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| Stock symbol: | Nasdaq: CLBS
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| Stock price: | $4.34 at close Sept. 14
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| Market capitalization: | $29.29 million
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| Shares
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| Amount: | $21 million
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| Shares: | 4,449,153
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| Investor: | Sanford Health (for $5 million)
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| Settlement date: | Sept. 19 (for $12.6 million)
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| Registered direct offering
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| Amount: | $4 million
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| Shares: | 847,458
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| Investor: | Aspire Capital Fund, LLC
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