Two types of units include shares, convertible preferreds, warrants
By Susanna Moon
Chicago, May 16 - Biodel, Inc. gave details of a $30 million sale of units previously announced May 13. The company will sell 12,074,945 common shares, 1,813,944 series A convertible preferred shares and warrants to purchase up to 9,027,772 shares, according to a 424B5 filing with the Securities and Exchange Commission.
The shares and warrants will be sold in units at $2.16 apiece to a group of institutional investors, including Great Point Partners, LLC and Orbimed Advisors, LLC. The units will consist of either one common share and a warrant for 0.65 of a share or one series A convertible preferred and a warrant to purchase 0.65 of a share.
Each whole warrant is exercisable at $2.48 for five years.
The strike price represents a 19.81% premium to the May 12 closing share price of $2.07.
The offer is expected to settle on May 18.
William Blair & Co., LLC is the lead placement agent for the offering, and JMP Securities LLC is the co-placement agent.
Biodel is a biopharmaceutical drug-delivery company based in Danbury, Conn.
| Issuer: | Biodel, Inc.
|
| Issue: | Units of one share and one warrant for 0.65 share; units of series A convertible preferred stock and a warrant for 0.65 of a share
|
| Amount: | $30 million
|
| Price: | $2.16
|
| Warrants: | For 9,027,772 shares
|
| Warrant strike price: | $2.48
|
| Warrant expiration: | Five years
|
| Investors: | Great Point Partners, LLC and Orbimed Advisors, LLC
|
| Agents: | William Blair & Co., LLC (lead placement agent) and JMP Securities LLC (co-placement agent)
|
| Pricing date: | May 13
|
| Settlement date: | May 18
|
| Stock symbol: | Nasdaq: BIOD
|
| Stock price: | $2.07 at close May 12
|
| Market capitalization: | $55.77 million
|
|
|
| Common share units
|
| Units: | 12,074,945
|
|
|
| Convertible units
|
| Units: | 1,813,944
|
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