Deal sells stock, warrants via Roth Capital Partners, Rodman & Renshaw
By Devika Patel
Knoxville, Tenn., March 17 – Bio Blast Pharma Ltd. said it will raise about $6.7 million in a registered direct offering of stock. Roth Capital Partners and Rodman & Renshaw are the agents.
The company will sell about 2.16 million ordinary shares. The purchase price, of $3.10 per share, reflects a 24.02% discount to the $4.08 closing share price on March 16.
Investors also will receive 66-month warrants for about 1.08 million shares, each exercisable at $4.50, which is a 10.29% premium to the March 16 closing share price.
Settlement is expected March 22.
The biopharmaceutical company is based in Tel Aviv.
| Issuer: | Bio Blast Pharma Ltd.
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| Issue: | Ordinary stock
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| Amount: | $6.7 million (approximate)
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| Shares: | 2.16 million (approximate)
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| Price: | $3.10
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| Warrants: | For about 1.08 million shares
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| Warrant expiration: | 66 months
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| Warrant strike price: | $4.50
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| Agents: | Roth Capital Partners and Rodman & Renshaw
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| Pricing date: | March 17
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| Settlement date: | March 22
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| Stock symbol: | Nasdaq: ORPN
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| Stock price: | $4.08 at close March 16
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| Market capitalization: | $41.84 million
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